Stock futures climbed in overnight trading on Sunday, with investors poised for a significant week of corporate earnings reports. Futures linked to the Dow Jones Industrial Average increased by 93 points, or 0.23%, while S&P 500 futures rose by 0.26% and Nasdaq 100 futures saw a 0.41% uplift.
Attention is now shifting to second-quarter earnings reports, potentially driving the market to new highs. The Dow Jones recently surpassed the 40,000 mark for the first time, marking a 6.1% gain for the year. Similarly, the S&P 500, spurred by tech giants, has surged 18% in 2024, hitting new records. This week, over 40 S&P 500 companies are set to report their earnings.
Investors are also keeping an eye on the political fallout from the recent attempted assassination of former President Donald Trump. Despite its potential to stir political strife, Adam Crisafulli of Vital Knowledge notes it is unlikely to significantly impact the markets, as Trump remains a clear frontrunner in national polls ahead of the Republican National Convention starting Monday in Milwaukee, Wisconsin.
Major equity benchmarks recorded another strong week, attributed to easing inflation data prompting rate-cut expectations. The S&P 500 posted a 0.9% gain last week, marking its fifth positive week in six. The Nasdaq Composite rose 0.3%, its sixth consecutive positive week. The Dow outperformed, gaining 1.6%—its best weekly performance since May 10—as investors started diversifying beyond tech stocks.
Last Friday, mixed results from major U.S. banks kicked off the earnings season: JPMorgan and Citigroup exceeded Wall Street expectations for earnings and revenue, whereas Wells Fargo disappointed with a decline in net interest income. This week, Goldman Sachs will report earnings on Monday, followed by Morgan Stanley and Bank of America on Tuesday. Johnson & Johnson, United Airlines, and Netflix are also scheduled to release their earnings reports.
As the market braces for a crucial week, investor sentiment remains buoyant amidst an array of influential earnings announcements and political developments.
Original Story https://www.cnbc.com/2024/07/14/stock-market-today-live-updates.html
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