Equities Hold at Record Highs Before Megacap Earnings – US Market Wrap
Wall Street traders gearing up for the start of the high-stakes megacap earnings season sent equities to fresh all-time highs, with investors also parsing the most recent tariff developments. Bond yields and the dollar declined.
More than 400 shares in the S&P 500 climbed, outweighing a decline in tech companies. While a gauge of the “Magnificent Seven” big techs halted a nine-day advance, Tesla and Alphabet climbed before their results.
Big tech’s force will be on full display over the next few weeks as the group begins unveiling quarterly earnings. The lion’s share of S&P 500 earnings growth continues to come from beneficiaries of advancements in AI.
On the trade front, Trump revealed an agreement with the Philippines setting a 19% tariff on the nation’s exports. Canada’s PM Carney sought to cool expectations about reaching a deal in the next 10 days, but said he’s looking to steady the relationship with the US.
