Overview
- The S&P 500 reached a fresh high after an unusually high share of companies beat second-quarter earnings estimates, with FactSet showing about 86% of reporters topping EPS forecasts.
- The market rally has been broad-based, with cyclical and large-cap names pushing the Dow higher even as the tech-heavy Nasdaq underperformed because some chip and data-storage names fell after mixed earnings and guidance.
- Reports of a proposed Iran–Oman arrangement to reopen the Strait of Hormuz drove Brent below $80 a barrel and eased near-term inflation pressure, but officials and analysts warn the plan remains fragile.
- SpaceX’s disclosure that it will use Nvidia chips exclusively lifted Nvidia shares while weighing on rivals such as AMD, and an upcoming SpaceX lockup expiry adds potential volatility to the stock.
- Investors are closely watching weekly jobless claims and Friday’s U.S. July payrolls because stronger labor data could lift odds of more Fed rate hikes and test whether the earnings- and oil-driven rally can hold.