A new high: After saying hello to bear-market territory in April, the S&P 500 is now up more than 7%.
A decent year’s gain is around 10%, so we’ve already had a pretty good one. Can the market keep going?
Well, earnings have been positive. So, if corporate earnings can continue to hum, there’s no reason that the market couldn’t go higher.
This morning, however, futures are softening. While they’re slightly above yesterday’s close, they’re off the highs set overnight.
Today’s corporate earnings have mostly been positive. Financial-services giants American Express (AXP) and Charles Schwab (SCHW) , technology stalwart 3M (MMM) and energy-technology superstar SLB, formerly Schlumberger, (SLB) , all beat analysts’ estimates for the latest quarter and are trading higher.
The information-technology and outsourcing-services provider Wipro (WIT) is trading lower on earnings that met expectations.
The big news is crypto. After all, it’s Crypto Week and the U.S. government has come together to pass a stablecoin bill, which has sent crypto prices to the moon. Crypto assets now top $4 trillion.