US Stocks Surge as S&P 500 and Nasdaq Rebound; Key Earnings Ahead

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US Stocks Start Week Strong Amid Political Uncertainty and Key Earnings Reports

Team FS

22/Jul/2024

Key Points:

US stocks rebounded with the S&P 500 rising 0.7% and the Nasdaq adding 1%.

Tech sector led the gains, recovering from Friday's losses.

Verizon shares fell 5.7% due to disappointing revenue, hitting a 4-week low.

US stocks began the week positively, with the S&P 500 increasing by 0.7% and the Nasdaq gaining 1%, marking a rebound after their worst weekly performance since April. The Dow Jones also showed strength, rising by about 110 points. This positive movement was largely driven by a rebound in the tech sector and strong performance in communication services.

The tech sector recovered from previous losses, with significant gains across major companies. Microsoft rose by 0.9%, Apple by 1.2%, Nvidia by 2%, Amazon by 0.2%, Meta by 1.7%, and Alphabet by 2%. These gains helped lift the overall market sentiment.

In the political arena, traders are closely assessing the impact of President Joe Biden's announcement that he will not seek re-election, endorsing Vice President Kamala Harris as the Democratic nominee. Meanwhile, Donald Trump continues to lead the presidential race, adding to the political uncertainty.

On the earnings front, Verizon's shares dropped significantly by 5.7%, reaching a 4-week low of $39.75, following disappointing revenue figures. This week is set to be crucial for earnings reports, with major companies like Microsoft, Alphabet, and Tesla scheduled to release their financial results. These reports are highly anticipated and could significantly influence market movements.

Overall, the market's strong start to the week, led by gains in the tech sector, highlights the resilience of US stocks despite political uncertainties and mixed earnings reports. As traders look forward to key earnings announcements, the performance of megacap stocks will be closely watched to gauge the market's direction in the coming days.

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US Stocks Start Week Strong Amid Political Uncertainty and Key Earnings Reports

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