Dow Jones hits new high at 40,211 with positive Q2 earnings reports

From Nasdaq: 2024-07-15 18:38:00

The Dow Jones ends the day at a new high of 40,211, up 0.53%, with the S&P 500 and Nasdaq also hitting record highs. Q2 earnings reports show beats from JPMorgan, Citigroup, and Goldman Sachs, with Bank of America and Morgan Stanley up next. Earnings season is picking up steam with 45 S&P 500 companies reporting this week.

This week’s economic reports include Retail Sales figures expected to drop to -0.4% in June, with Import/Export data and Business Inventories also set to be released. A Fed rate cut at the end of this month is unlikely, but poor Retail Sales or PCE numbers could lead to a change of plans for September.

Upcoming earnings reports include Johnson & Johnson, United Airlines, Abbott Labs, and Netflix later in the week. The pace of earnings growth is expected to be the highest since Q1 2022. Chair Jerome Powell’s leadership suggests the Fed will announce its first rate cut in over four years come September, rather than this month.



Read more at Nasdaq: Dow Closes at New High as Q2 Earnings Season Heats Up