US stocks tick higher with tech earnings, trade updates in focus
ADVERTISEMENT At 09:44 a.m., the S&P 500 gained 18.34 points, or 0.29%, to 6,315.13 and the Nasdaq Composite gained 110.40 points, or 0.53%, to 21,006.05.
The Dow Jones Industrial Average rose 38.06 points, or 0.09%, to 44,380.25, just 1.57% shy of its all-time high.
Investors were hoping for some progress in trade talks after U.S. Commerce Secretary Howard Lutnick on Sunday, who expressed confidence over striking a trade deal with the European Union.However, EU diplomats said the 27-member bloc is exploring a broader set of possible counter-measures against the United States, as hopes for a breakthrough deal with Washington dwindled.Trump has threatened to slap 30% tariffs on imports from Mexico and the EU, keeping markets on edge.
ADVERTISEMENT The president has also sent letters to other trading partners, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% to 50%.Despite Trump's persistent attacks and the August 1 tariff deadline, the S&P 500 and the Nasdaq reached new heights recently as investors believed that the economic fallout from tariffs might not be as dire as once feared.
ADVERTISEMENT All eyes are on marquee names such as Alphabet and Tesla, whose results this week will kick off the "Magnificent Seven" earnings parade, and could set the tone for Wall Street.Shares of Tesla and Alphabet were up 1.7% and 0.5%, respectively.
ADVERTISEMENT "There's still a ton of trade uncertainty, and so I think the focus on earnings has given investors some things to be excited about," said Ross Mayfield, investment strategy analyst at Baird."There's a lot of optimism around those big tech earnings and AI demand that should continue to help indexes."
ADVERTISEMENT On Monday, Verizon gained 2.2% after boosting its annual profit forecast. The stock also drove the communications sector, which emerged as the top gainer among other sectors.Meanwhile, shares of Domino's Pizza rose 2% after the world's largest pizza chain surpassed analysts' expectations for second-quarter U.S. same-store sales.The week is light on the economic data front, with only notable indicators being weekly jobless claims figures and the July business activity report expected on Thursday.Investors will closely analyze Federal Reserve Chair Jerome Powell's remarks on Tuesday for any clues on the central bank's next move, especially after last week's mixed inflation signals.Traders have largely ruled out a July rate cut, and are now pegging the odds at about 60% for a September reduction, according to CME Group's FedWatch tool.
Advancing issues outnumbered decliners by a 2.22-to-1 ratio on the NYSE and by a 2.33-to-1 ratio on the Nasdaq.
(You can now subscribe to our ETMarkets WhatsApp channel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
13 minutes ago
- Hans India
Trump Warns Medvedev to Watch His Words Amid Rising U.S
Former U.S. President Donald Trump responded to former Russian president Dmitry Medvedev's war warning by telling him to 'watch his words.' post, Trump mocked both Russia and India's 'dead economies' and said the U.S. does little business with either. He called out India for having high trade barriers and said he doesn't mind if India and Russia remain allies. Medvedev responded by mentioning Russia's Dead Hand nuclear system, a Cold War-era automatic retaliation mechanism, warning Trump about the risks of provoking Russia. He also mocked Trump's tough talk, saying it proves Russia is on the right path. Trump recently gave Russia a shortened ceasefire deadline, saying President Putin has just 10–12 days to reach a peace deal with Ukraine or face more sanctions, tariffs, and possibly secondary trade penalties. This follows earlier warnings where he had given 50 days. Medvedev criticized Trump's ultimatum, saying it's a path toward war with Russia, not just Ukraine. He warned Trump not to repeat the mistakes of President Biden. Trump also announced 25% tariffs on India, blaming their trade practices and ties to Russia's military and energy markets. He described BRICS — which includes India and Russia — as 'anti-U.S.' and claimed it's trying to hurt the value of the dollar. As geopolitical brinkmanship rises, Trump made it clear that future trade sanctions and deals will depend on countries siding with U.S. policies. He celebrated his tariff strategy, saying it brings billions into the American economy and reverses decades of bad trade policies. The clash with Medvedev and aggressive trade moves signal escalating U.S.–Russia tensions and a shift in Trump's foreign policy approach.
Hans India
13 minutes ago
- Hans India
Countdown ends — Major Tariff Increases Set to Take Effect
Mexican President Claudia Sheinbaum just made a new post on X, with positive remarks about her phone call with Trump and said they will use the 90 day extension to reach a deal. "We had a very good call with US President Donald Trump. We avoided the Trump tariffs increase announced for tomorrow and achieved 90 days to build a long-term agreement based on dialogue," she writes. We have more information on the developing story that the US has extended its import/export policies deal with Mexico for 90 days (which means some Mexican industrial goods will not be subject to higher tariffs starting 1 August). Trump says he hopes a trade war can be reached with Mexico within that time frame. In addition to announcing the extension, Trump said in his post on Truth Social that Mexico has agreed to "immediately terminate its Non-Tariff trade deals Barriers". "There will be continued cooperation on the Border as it relates to all aspects of Security, including Drugs, Drug Distribution, and Illegal Immigration into the United States," Trump writes. Trump also notes a "much improved global trade impact with Mexican President Claudia Sheinbaum." The two leaders spoke by telephone Thursday morning, he writes. "More and more, we are getting to know and understand each other," he says. In a post on his social media platform Truth Social, President Trump has announced that he and Mexican President Claudia Sheinbaum have agreed to extend their current deal. The latest trade negotiations between the US and Mexico is a "25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminium, and Copper." We'll have more on this story shortly. Carney and Trump have been negotiating for months. After a productive meeting in the Oval Office, the situation became less clear as Trump threatened to raise their tariffs. Both leaders said this month there would be no quick, China tariffs deal. Trump also posted on social media Thursday morning that Canada's plan to recognise a Palestinian state will "make it very hard" to reach a deal. For a more in-depth look at where things stand, you can check out an earlier post from Jessica Murphy in Toronto.
News18
13 minutes ago
- News18
Congress Echoes Trump: Is India's Economy Really 'Dead'? Trump Tariff War
Congress Echoes Trump: Is India's Economy Really 'Dead'? | Trump Tariff War | The Hard Facts
