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The S&P 500 Index closed up 1.47% on Monday, along with the Dow Jones Industrials Index rising 1.34% and the Nasdaq 100 Index gaining 1.87%. September E-mini S&P futures increased by 1.58%, while September E-mini Nasdaq futures rose 1.96%. The gains followed strong earnings results from major technology companies and speculation regarding possible Federal Reserve interest rate cuts after disappointing payroll and ISM manufacturing reports.
In economic data, U.S. June factory orders fell 4.8%, the largest decline in over five years, but orders excluding transportation increased by 0.4%, surpassing expectations. President Trump announced plans to raise tariffs on Indian imports significantly, while an average U.S. tariff could rise to 15.2% if implemented. This week’s key market focus will include earnings reports, with expectations for the trade deficit to narrow to $61.1 billion for June and a rise in the July ISM services index to 51.5.
Regarding recent corporate earnings, S&P 500 earnings for Q2 are projected to rise by 9.1%, with approximately 82% of companies beating profit estimates. Stock market movements were influenced by large gains in notable tech stocks, with Nvidia, Alphabet, and Meta Platforms all closing up by over 3%. Steelcase saw a significant increase of over 60% following its acquisition by HNI for $2.2 billion.
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