The S&P 500 Index is down 0.13% and the Nasdaq 100 Index has decreased by 0.48% as of today, while the Dow Jones Industrial Average has gained 0.15%. September E-mini S&P futures are down 0.10%, and September E-mini Nasdaq futures are down 0.47%. The market is pressured by declines in software and cybersecurity stocks, coinciding with anticipation of Alphabet’s earnings report today, where the company aims to showcase returns on its planned $190 billion investment in artificial intelligence.
Crude oil is also influencing markets, surging over 2% to a six-week high amid escalating tensions between the U.S. and Iran, impacting global oil supply. The yield on 10-year T-notes has reached a two-month high of 4.65%, as inflation concerns rise with oil prices. The U.S. has conducted an 11th day of attacks on Iran today, with potential implications for shipping security in the Strait of Hormuz.
In economic data, U.S. mortgage applications increased by 1.9% for the week ending July 17, while the average 30-year fixed mortgage rate rose to 6.69%, marking an 11-month high. The outlook for Q2 earnings is strong, with a forecast increase of 23% according to Bloomberg Intelligence, largely driven by AI-related sectors, as 91% of S&P 500 companies reporting to date exceeded earnings estimates.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
