Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
(NYSE),
July
26,
2023.
Brendan
McDermid
|
Reuters
Stock
futures
were
roughly
flat
Monday
night.
Futures
tied
to
the
Dow
Jones
Industrial
Average
ticked
higher
by
6
points,
or
0.02%.
S&P
500
futures
and
Nasdaq
100
futures
oscillated
near
the
flat
line.
Earnings
season
continued,
shaking
up
select
names
in
after-hours
trading.
Palantir
Technologies
added
more
than
2%
after
the
company
posted
a
13%
increase
in
second-quarter
revenue.
Educational
tech
company
Chegg
popped
about
24%
after
reporting
second-quarter
revenue
of
$183
million,
beating
analysts’
estimate
of
$177
million,
per
Refinitiv.
During
Monday’s
regular
session,
the
30-stock
Dow
surged
more
than
400
points,
or
nearly
1.2%,
for
its
best
day
since
June
15.
The
Nasdaq
Composite
added
0.6%,
and
S&P
500
closed
higher
by
0.9%.
The
tech-heavy
Nasdaq
and
the
broad-market
index
broke
four-straight
sessions
of
losses.
The
corporate
earnings
season
has
so
far
been
better-than-expected.
Roughly
85%
of
S&P
500
stocks
have
reported
quarterly
results,
and
nearly
80%
of
them
have
beaten
Wall
Street’s
expectations,
according
to
FactSet.
Companies
still
set
to
report
results
this
week
include
United
Parcel
Service,
Under
Armour
and
Rivian
on
Tuesday,
as
well
as
Disney
and
Wynn
Resorts
on
Wednesday.
“The
good
news
is
that
the
earnings
trough/recession
is
likely
coming
to
an
end,
with
earnings
growth
expected
to
accelerate
over
the
coming
quarters,”
said
Dylan
Kremer,
co-chief
investment
officer
at
Certuity.
“Looking
ahead,
earnings
projections
seem
a
bit
lofty
to
us
relative
to
revenue
growth
estimates,
particularly
starting
in
Q1/24.”
On
the
economic
data
front,
traders
are
looking
ahead
to
July’s
consumer
price
index
report,
out
Thursday.
The
inflation
metric
could
put
Wall
Street’s
belief
in
a
soft
landing
to
the
test.
Economists
polled
by
Dow
Jones
are
calling
for
a
monthly
increase
of
0.2%
in
July
and
a
year-over-year
rise
of
3.3%.
