S&P 500, Nasdaq hit record closing highs amid trade deal hopes
All three major U.S. stock indexes posted weekly gains, and the tech-heavy Nasdaq confirmed it entered a bull market since its post-“Liberation Day” trough on April 8. Lisa Bernhard has more.
U.S. stock futures are little changed as investors await more earnings reports.
The broad S&P 500 and tech-heavy Nasdaq scored record highs to start the week amid solid earnings reports from Domino’s Pizza, Cleveland-Cliffs and Verizon.
Of the more than 60 S&P 500 companies that have reported, more than 85% of those topping analysts’ estimates, according to FactSet data. Analysts on average expected S&P 500 companies to report a 6.7% increase in earnings for the second quarter, with big technology companies driving much of that gain, according to LSEG I/B/E/S.
Philip Morris International, Coca-Cola and Lockheed Martin are among those slated to report before the market opens. However, the main events are midweek when Tesla and Alphabet report results. Investors will be keen to dissect the earnings reports for signs of how President Donald Trump‘s tariffs have hit the economy and corporate spending.
At 6 a.m. ET, futures linked to the blue-chip Dow were at 0%, while S&P 500 futures slipped -0.11% and Nasdaq futures dropped -0.27%.
Federal Reserve Chairman Jerome Powell is also scheduled to speak at a conference in Washington DC as the stock market opens.
Corporate news
- Goldman Sachs held talks for a roughly $25 billion takeover of wealth management firm Northern Trust earlier this year and almost closed a $6 billion deal for Cliffwater, Semafor reported.
- NXP Semiconductors’ second-quarter results topped analysts’ forecasts.
- Steel Dynamics’ second-quarter results missed expectations.
- Zions Bancorp reported second-quarter earnings per share above Wall Street’s estimates.
- Sarepta Therapeutics said it will pause all shipments of its Elevidys gene therapy in the United States after a muscular dystrophy patient who received a different, experimental treatment died. Initially, the company refused to do so after a FDA request.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
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