WALL Street stocks advanced yesterday and Treasury yields softened at the top of a busy week of corporate earnings reports, as negotiations between the United States and its trading partners ramped up in the face of a fast-approaching August 1 deadline.
All three major US stock indexes moved higher in opposition to their European counterparts, and the dollar weakened against the yen in the wake of Japan’s weekend elections.
Microchips and tech-adjacent momentum stocks were providing much of the upside muscle.
Second-quarter earnings season shifts into high gear this week, and the roster includes Alphabet and Tesla , two of the ‘Magnificent Seven’ AI-adjacent megacap stocks. IBM and Intel are two high-profile tech names expected to report during a busy week that also includes a host of industrials, from General Motors to Union Pacific .
The Dow Jones Industrial Average rose 162.64 points, or 0.36 per cent, to 44,504.83, the S&P 500 rose 33.35 points, or 0.53pc, to 6,330.23 and the Nasdaq Composite rose 152.18 points, or 0.73pc, to 21,048.85.
European stocks softened amid fading hopes for an acceptable trade agreement with the United States ahead of the August 1 deadline and the European Union mulled a broad array of retaliatory measures. MSCI’s gauge of stocks across the globe rose 4.01 points, or 0.43pc, to 932.00.
The pan-European STOXX 600 index fell 0.16pc, while Europe’s broad FTSEurofirst 300 index fell 4.24 points, or 0.20pc Emerging market stocks rose 5.18 points, or 0.41pc, to 1,254.56. MSCI’s broadest index of Asia-Pacific shares outside Japan closed up 0.19pc to 659.17, while Japan’s Nikkei fell 82.08 points, or 0.21pc, to 39,819.11.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.52pc to 97.89, with the euro up 0.58pc at $1.1692. Against the Japanese yen, the dollar weakened 0.93pc to 147.42.
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