Q2 earnings season picks up this week, with seven of the 30 members of the Dow and 71 companies in the S&P 500 (just over 14% of the benchmark).
The big banks and financial institutions kicked things off last week, and we’ll be hearing from many more this week, including Bank of America, Goldman Sachs, American Express, and Travelers to name a few.
Tesla will release the first of the large-cap/tech titans with April-June results on Tuesday, followed by Netflix on Wednesday.
Other high-profile names to watch include AT&T, Lockheed Martin, HCA Healthcare, American Airlines, United Airlines, Ebay and Abbott Labs.
A July survey by the University of Michigan showed inflation expectations held steady or improved, along with overall consumer sentiment. This was welcome news following reports showing that consumer prices remained extremely high in June, along with wholesale prices for businesses.
The report also bodes well for investors looking for signs that the Federal Reserve may end its aggressive inflation-fighting policy.
The S&P 500 rose 1.9% to 3,863.16. Friday, snapping a five-day losing streak. The Dow Jones Industrial Average rose 2.1% to 31,288.26 and the Nasdaq rose 1.8% to 11,452.42 on Friday.
Shares of smaller companies outperformed the broader market, sending the Russell 2000 index up 2.2% to 1,744.37.
Meanwhile, markets in Japan were closed on Monday for a holiday, but stocks elsewhere in Asia were higher.
Hong Kong’s Hang Seng rose 1 percent to 20,507.34, while the Shanghai Composite rose 0.7 percent to 3,251.54.
In Seoul, the Kospi jumped 1.4% to 2,363.36. Australia’s S&P/ASX 500 rose 0.5% to 6,637.50.
New Zealand shares rose even after the government reported that inflation hit a 32-year high of 7.3% in the April-June quarter. It was 6.9% in the previous quarter.
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