S&P & Nasdaq Hit Record Highs, Dow Jones Also Weak!

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US stocks recorded mixed movements with the S&P 500 index and Nasdaq Composite closing at their highest levels, driven by gains in Alphabet and other big companies ahead of earnings reports this week.


Google parent Alphabet jumped 2.7% ahead of its quarterly report on Wednesday and electric vehicle (EV) shares Tesla fell 0.35%. Apple shares added 0.62% and Amazon rose 1.43%.


Verizon shares rose more than 4% after the telecommunications company raised its annual profit forecast, signaling stronger-than-expected consumer demand and cost savings.


The S&P 500 index rose 0.14% to 6,305.60, the tech-focused Nasdaq rose 0.38% to 20,974.18, and the Dow Jones Industrial Average fell 0.04% to 44,323.07.


Analysts on average expect S&P 500 companies to post revenue growth of around 6.7% in the second quarter, driven by Big Tech companies, according to LSEG I/B/E/S.


Sentiment was also bolstered by market expectations that the US is likely to reach a trade deal with the European Union (EU), potentially mitigating the negative impact of the Trump administration's global tariff threat.


US Commerce Secretary Howard Lutnick expressed confidence that a deal with the EU is still possible, even though EU member states are considering retaliation against the US.


Investors are now focusing on the impact of tariff uncertainty on the US economy as they await the July jobless claims and business activity report due on Thursday.


Volume on US exchanges recorded $19.7 billion compared to an average of $17.7 billion over the full 20 trading days.

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