US stocks trade cautiously before tech earnings reports, with mixed performance from major indices

From Nasdaq: 2024-07-23 11:33:39

Today, the S&P 500 is up +0.10%, the Dow Jones is down -0.12%, and the Nasdaq 100 is up +0.01%. US stocks trade cautiously before tech earnings reports. Vice President Harris secures enough delegates for the Democratic presidential nomination. Trump trade trend continues amid strong Q2 earnings expectations for S&P 500 companies. The markets anticipate the PCE deflator report for signs of inflation easing.

Interest Rates: September 10-year T-notes are up +4 ticks while the yield is down -1.4 bp at 4.239%. T-note prices see support from declining 10-year breakeven inflation expectations rate. However, prices face pressure from upcoming Treasury auctions. European government bond yields also trend lower, while swaps hint at a -25 bp rate cut by the ECB.

US Stock Movers: UPS falls 12% on Q2 earnings miss, while Spotify climbs 13% on strong subscriber growth. NXP Semiconductors slips 6% on weak Q3 revenue outlook. HCA Healthcare rises 4% on positive Q2 earnings and optimistic 2024 guidance. Comcast drops 5% despite favorable earnings, while Delta Airlines investigates Crowdstrike/Microsoft outage impact.

Earnings Reports: Companies reporting today include UPS, GM, KMB, AVY, PHM, DGX, HCA, DHR, SHW, LMT, IVZ, AOS, GPC, FCX, PNR, KO, CMCSA, MCO, MSCI, NVR, PM, GE, PCAR, COF, PKG, CSGP, EQT, V, TXN, ENPH, STX, GOOGL, CB, TSLA. Market data provided by Barchart. Rich Asplund does not hold positions in mentioned securities. Information in this article is for informational purposes only.



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