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The S&P 500 Index is up 0.05% while the Dow Jones Industrial Average has increased by 0.738%. In contrast, the Nasdaq 100 is down 1.12%. Notably, the Dow reached a 1.5-week high, while the Nasdaq hit a 2.75-month low. Key news influencing the market includes better-than-expected earnings from Coca-Cola and Sherwin-Williams, but the Nasdaq’s decline is driven by falling chipmaker and AI-infrastructure stocks due to concerns over spending and competition from China.
Cruise oil prices decreased by over 1%, reaching a one-week low, as tensions with Iran ease. The yield on the 10-year T-note fell by 4 basis points to 4.61%. Additionally, the Conference Board reported a surprising drop in the US July consumer confidence index to 90.8, down 1.4 from expectations, while the S&P composite-20 home price index rose by 1.6% year-over-year, exceeding forecasts.
As earnings reporting continues, forecasts suggest a potential Q2 earnings increase of 23%, bolstered by AI spending expected to drive growth. Currently, 86% of the 145 S&P 500 companies that reported have exceeded estimates. Meanwhile, markets anticipate a 30% chance of a 25-basis-point interest rate hike at the upcoming FOMC meeting.
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