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FX.co ★ Tech stocks push S&P 500 to another record

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Forex Analysis:::2021-07-27T11:03:46

Tech stocks push S&P 500 to another record

Tech stocks push S&P 500 to another record

US stocks hit new all-time highs on Monday, after tech companies posted strong gains at the start of a busy week of earnings and policy updates. Tesla was among the leaders of growth in the S&P 500, which is a bit surprising because for the last four sessions, shares of the company were declining. Other companies such as Apple, Amazon, Alphabet and Facebook will report earnings later this week.

All in all, the S&P 500 closed 0.2% higher yesterday.

Tech stocks push S&P 500 to another record

While a positive start to the earnings season helped push stocks into their best five-day streak since March, volatility returned to the market on Monday as some investors remain concerned about the pace of economic growth and inflation. There is also growing concern that the delta variant of COVID-19 will derail recovery.

Meanwhile, real yields on 10-year US bonds hit an all-time low ahead of the Fed meeting this week. Independent Advisor Alliance CIO Chris Zaccarelli said investors should be very cautious because whatever the Fed decides will significantly affect markets.

Going back to the S&P 500, 7 out of the 11 major companies posted strong gains. Energy stocks rose the most despite the decline in crude oil prices. The season is expected to show higher profits, lower debt and better returns.

Trade tensions are also on the radar as China said its relationship with US is at an "impasse."

Other important events for this week are:

- Tesla, Alphabet, Apple, Facebook, Amazon earnings report;

- FOMC meeting (Wednesday);

- data on US GDP (Thursday).

Analyst InstaForex
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