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U.S. stocks are rising as another week of megacap earnings kicks off

AuthorLiz Moyer
Published 07/31/2023, 10:03 AM
Updated 07/31/2023, 12:04 PM
© Reuters.

Investing.com -- U.S. stocks were rising ahead of a deluge of megacap earnings and the jobs report for July due out on Friday.

At 10:44 ET (14:44 GMT), the Dow Jones Industrial Average was up 68 points or 0.2%, while the S&P 500 was up 0.1% and the NASDAQ Composite was up 0.1%.

More Big Tech earnings on tap

Stocks ended last week on a high note, amid signs of cooling inflation and economic resilience that have officials looking at the possibility of a soft landing, which means no recession.

This week features earnings by Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN) for the big tech sector. Their reports come after upbeat earnings from Alphabet Inc. Class C (NASDAQ:GOOG) and Meta Platforms, Inc. (NASDAQ:META) last week.

Stocks have been rising on hopes that the Federal Reserve is near the end of its interest rate hikes, after raising them by another quarter of a point in July. This month the Dow went on the longest winning streak since 1987, pushed higher by financials, energy, and healthcare stocks.

Is a soft landing in the cards?

Minneapolis Fed President Neel Kashkari said on Sunday the economy is making surprisingly good progress. Unemployment, which is near historic lows at 3.6%, could rise to 4% and it could still be soft landing, he said.

Later today, Chicago Fed President Austan Goolsbee is scheduled to speak.

SoFi Technologies soars after beating expectations

Shares of ON Semiconductor Corporation (NASDAQ:ON) were rising 3.6% as it prepared to report earnings later today. SoFi Technologies Inc. (NASDAQ:SOFI) stock jumped 22% after better-than-expected quarterly revenue and raised guidance for 2023.

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Chevron Corp. (NYSE:CVX) shares rose 3% after Goldman upgraded it to buy from neutral, saying the oil major is poised to rise.

Latest comments

In real news, Devon Archer who was involved in business dealings with Hunter Biden just testified in front of Congress that Joe Biden was actively involved in Hunter's business dealings, including being on more than 20 phone calls. This makes it significantly more likely that Joe Biden will soon be impeached by house republcians.
funny you should say that. the press have reported Joe Biden had no involvement in sons business. https://thehill.com/homenews/house/4130162-house-democrat-calls-on-comer-to-release-transcript-of-devon-archer-testimony/
The market is very strong, simple fact of life. In few months from now Powell will be under big pressure to start cutting rates, just to keep the game going.
Then oil, housing, and rents will skyrocket swiftly bringing back inflation.
  Then the Fed will stop cutting rates.  The Fed doesn't just pick a path and stay on it no matter what.
In real news, Devon Archer who was involved in business dealings with Hunter Biden just testified in front of Congress that Joe Biden was actively involved in Hunter's business dealings, including being on more than 20 phone calls. This is despite Joe Biden claiming during the 2020 election to the opposite. This makes it significantly more likely that Joe Biden will be impeached by House republicans.
Another miraculous jump out of the red brings the laughingstock of the investing world green once again.  Shoring up the house of cards at the most grossly overvalued levels in history.  Remarkable how it doesn't spike into the red during a criminally manufactured "rally."  Fraudulent, criminally manipulated JOKE.
Everybody is focused on the good GDP numbers for the last quarter. But GDP is inherently biased toward consumer spending and government interventionism. The better measure is Gross Output (GO), which is stagnating and may be indicating a recession coming.
consumption and government spending were both down over 50% from last quarter.
GDP numbers look strong, because inflation is officially understated, making GDP adjusted to inflation, I.e. reduced, less than it should be,
Yeah
Microsoft P/E 37.42. Microsoft P/E 10 years ago, 11.20. Microsoft is trading at over 200% higher P/E over the past 10 years. The market is not stronger, it is just in another bubble, with P/E levels looking like 2000 while mortgage rates are hitting 8%.
NASDAQ is up 40% YTD. Microsoft P/E 37.42. Microsoft P/E 10 years ago, 11.20. Microsoft is trading at over 200% higher P/E over the past 10 years. TSLA is up almost 200% YTD. The market is not stronger, it is just in another bubble, with P/E levels looking like 2000 while mortgage rates are hitting 7%. Go ahead, search for random companies from the Dow or S&P and compare their P/E 10 years ago vs today.
Great news for American.great news for us all.Up everyday.Best surge since 1987.It's such an easy game.Just keep buying and get rich.
Megacap with mini earnings forecast......
No end to overvaluations.
If there's no end, then it's not an issue to be concerned about.
I've been one upped again!
will the gold still go up?
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