Finance
Stocks close mostly higher ahead of a wave of tech earnings
Stocks were mostly higher Monday as Wall Street shifted focus
from ongoing tensions surrounding the Trump administration to a
wave of tech earnings out this week. Financial stocks rallied,
with JPMorgan
gaining 1.9%. The dollar rose,
and the 10-year
Treasury yield jumped to its highest level in more than a
month.
Here’s the scoreboard:
Dow Jones industrial
average: 25,045.35 −12.77 (-0.051%)
S&P
500: 2,807.52 +5.69 (0.20%)
- President Donald Trump and Iranian President Hassan
Rouhani
hurled ominous threats at one another. After
Rouhani said in a speech that a conflict between Iran and the
US would be the “mother of all wars,” Trump
fired back on Twitter. He warned that if there are more
threats, “YOU WILL SUFFER CONSEQUENCES THE LIKES OF WHICH FEW
THROUGHOUT HISTORY HAVE EVER SUFFERED BEFORE.” - In a separate tweetstorm, the president lashed
out at Amazon. He claimed again that the
e-commerce company takes advantage of the US Postal Service and
attacked the Washington Post, which is owned by Amazon CEO Jeff
Bezos. The outburst came after
a weekend of critical news reports on the White House and
the Trump campaign. - US home sales dropped unexpectedly last month as a
housing shortage
sent prices soaring. Existing home sales fell
0.6% in June, the National Association of Realtors said, to a
seasonally-adjusted annual rate of 5.38 million units. - Tesla
appears to have asked some of its suppliers for refunds in
attempt to
meet profitability goals. The Wall Street
Journal reports that a memo sent to a supplier said the cash
back would be “essential to Tesla’s continued operation.”
And a look at the upcoming economic calendar:
- The US trade representative holds a hearing on the pending
$16 billion worth of tariffs on Chinese goods. - Manufacturing activity numbers are out in the eurozone.
- Australian inflation data cross the wire.
- Alphabet reports after the bell; Facebook, Amazon and Twitter
earnings are out later this week.
See also:
Trump’s trade war is overshadowing another global battle that
could plunge markets into chaos
The world’s fastest-growing equities business has raided Credit
Suisse yet again for a senior hire
Get the latest Tesla stock price here.
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