Traders work on the trading floor of the New York Stock Exchange.
New York Stock Exchange
The S&P 500 index hovered near the flat line on Tuesday as traders awaited earnings reports from major companies.
this S&P 500 Index After recording its best day in more than a month, little changed, while Nasdaq Index Add about 0.2%. this Dow Jones Industrial Average It rose slightly by 46 points, or about 0.1%.
Wall Street continues to evaluate the latest second-quarter earnings reports, with Google parent Alphabet and Tesla set to release reports after the bell. The reports will mark Wall Street’s first look at how major tech-related companies have performed over the past three months.
“This reflects investors’ holding patterns when considering a combination of earnings, economic data and U.S. political developments,” said Greg Bassuk, CEO of AXS Investments. He added that these factors will continue to “drive investors in the coming weeks.” Activity”.
UPS reported second-quarter results that missed the top and bottom lines, causing the stock to fall 13% and keep pace with its 2017 share price decline. Worst day ever. General Motors Easily beat analysts’ expectations But shares fell 6% as the car company delayed plans for electric and self-driving cars.
Despite these disappointments, earnings season is off to a good start. FactSet data shows that about 20% of S&P 500 companies reported second-quarter results, and 80% of them beat expectations.
These initiatives follow winning day Wall Street technology stocks rebounded from last week’s selloff. Mainly small stocks Russell 2000 It also rose on Monday, adding to last week’s gains and seen as a sign of traders moving money into this group from big tech companies that have seen big gains this year.
The shift toward small-cap stocks also comes as investors are growing increasingly excited that the Federal Reserve is about to start lowering interest rates, a move seen as particularly helpful to smaller and more cyclical companies.
