Tech companies relying on advertising fell after Snap and Twitter reported weak advertising revenues. European markets gained despite deepening slowdown in the private sector. Earnings optimism drives Asian markets higher.
American Express advanced on higher spending by card members. Boston Beer lowered its annual outlook. Schlumberger lifted annual outlook. Seagate Technology fell on weaker-than-expected results and outlook.
European markets wavered after the ECB lifted rates by 50 basis points, the first rate increase in eleven years. Russia resumed natural gas flow easing pressures in the energy markets. Italy is likely to head for a general election as early as September.
U.S. stocks lacked direction and popular indexes traded near six-week high. The European Central Bank lifted rates for the first time in 11 years but also showed preparedness to fight bond market stress and Japan left its rates unchanged.
The S&P 500 and the Nasdaq indexes closed at five-week highs as the earnings season gathers pace. Existing home sales declined in June and mortgage applications plunged as more buyers are priced out.
After the close, Tesla reported 42% rise in sales and quarterly earnings jumped 98%. Bath & Body Works trimmed second quarter and annual outlook. Netflix quarterly subscriber loss slowed.
The S&P 500 and the Nasdaq Composite index advanced and investors digest fresh batch of earnings. Mortgage demand fell to the lowest levels seen in 22 years.
U.S. stocks accelerated on Wall Street after the latest batch of earnings bolstered optimism. The strong dollar is negatively impacting revenues growth and the rising costs are trimming earnings.
