U.S. stocks close mixed as crucial week of earnings starts
The Dow Jones Industrial Average fell 0.04 percent to 44,323.07. The S&P 500 gained 0.14 percent to 6,305.6, while the Nasdaq Composite Index rose 0.38 percent to 20,974.17.
Sector performance was uneven. Communication services led gains with a 1.9 percent rise, while consumer discretionary and materials also advanced. Energy and health stocks fell 0.96 percent and 0.61 percent, respectively.
U.S. Commerce Secretary Howard Lutnick reaffirmed the Aug. 1 deadline for implementing new tariffs, while U.S. Treasury Secretary Scott Bessent emphasized the administration's focus on deal quality over speed.
"Rarely do you injure yourself falling out of a basement window. With expectations so low in earnings, I think that the end result will end up being better than anticipated," Sam Stovall, chief investment strategist at CFRA Research, told CNBC. "That is encouraging for the market as well."
Investors remained focused on earnings season, with 62 S&P 500 companies having reported so far. Of those, over 85 percent have topped expectations, according to FactSet.
Verizon Communications shares surged about 4 percent after the company beat second-quarter expectations Monday, lifting hopes for similarly strong results across the board. Cleveland-Cliffs also posted solid earnings, further boosting sentiment.
Mega-cap tech names, which have powered much of the recent rally, were mostly higher. Alphabet led the group, rising 2.8 percent ahead of its earnings report Wednesday. Broadcom climbed 1.72 percent, while Amazon and Meta Platforms each gained more than 1 percent. Apple and Microsoft inched higher, while Nvidia and Tesla slipped slightly. Tesla is also due to report earnings Wednesday.
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