Disappointing earnings from Apple and Amazon caused markets to dip in the morning, but it did not squash investor optimism. Three of the major indexes rebounded from the dip to end the day with record closes.
Optimism from positive earnings reports sent the Nasdaq and S&P 500 to a new record close today. However, evening earnings reports from Apple and Amazon may squash some of that optimism.
Gains by Microsoft and Alphabet weren’t enough to lift indexes as it seems everything else sold off today. Volatility in long-term treasuries and gold erased morning gains in equity markets.
Markets opened with a rally on higher than expected Consumer Confidence and New Home Sales data. The rally faded late in the morning, weighed down by Facebook and worries over inflation.
Tesla led major indexes and the Consumer Discretionary sector higher today as it became the newest trillion-dollar company after announcing a 100k car order from Hertz. That sent EV stocks higher and kicked off a big earnings week with fresh optimism.
Despite consistent messages from Fed officials over the last few weeks, it took Jerome Powell’s confirmation on bond tapering to finally impact investors. It didn’t help that dismal earnings reports from Snap and IBM dampened optimism over the earnings season.
Investors continued the bullish rally on positive earnings reports, sending the S&P 500 to a new record close. However, it wasn’t all positive, with some companies taking a beating after disappointing results.
Positive earnings reports continue to move markets higher while big tech stocks took a breather for the day.
Investors remained bullish on Tuesday as earnings reports start to pick up, and analysts expect positive results. Indexes ticked higher while several sectors traded at record levels.
Weak GDP data from China wasn’t enough to break optimism for investors after last week’s surprise Retail Sales data. Indexes started lower but recovered with steady gains throughout the day.