The S&P 500 Index is down 0.09% and the Nasdaq 100 Index is down 0.29% as markets react to weakening software and cybersecurity stocks. The Dow Jones Industrial Average, however, is slightly up by 0.10%. WTI crude oil prices surged more than 2% to a six-week high, impacting bond yields, with the 10-year T-note yield climbing to a two-month high of 4.66%. The U.S. conducted the 11th consecutive day of attacks on Iran, leading to retaliatory strikes on U.S. bases in Bahrain, Kuwait, and Jordan.
As September’s earnings season approaches, expectations for Q2 earnings growth are strong, potentially increasing by 23%. Alphabet is set to report after the market close, with investors keen to evaluate the returns from its AI investments amid plans to double capital spending to $190 billion this year. Notably, 91% of S&P 500 companies that have reported Q2 results thus far have beaten estimates.
Additionally, U.S. mortgage applications rose by 1.9% for the week ended July 17, with a purchase mortgage sub-index up 5.5%. The average 30-year fixed mortgage rate climbed to an 11-month high of 6.69%. Overseas markets are mixed, with the Euro Stoxx 50 up 0.55% and Japan’s Nikkei-225 down 0.18%.
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