NY stocks performed firmly the previous day, with the Dow extending its winning streak to 5 sessions and setting a new record high. The Nasdaq, meanwhile, fell. Corporate earnings and employment indicators will be in focus tonight, with numerous factors likely to influence the direction of the US market.
In the previous day's NY stock market, the Dow rose $263.24 to set a new record high for the 5th consecutive session, while the Nasdaq Composite fell 0.83%. Strong earnings, a rebound in Nvidia and expectations for the reopening of the Strait of Hormuz in the Middle East provided support, while a sharp drop in SpaceX and earnings and developments at AMD and Alphabet weighed on the market.
Tonight's outlook is that positive corporate earnings news could support the market, while earnings growth and expanding AI-related demand could drive gains. However, with the July employment report due, gains may be capped depending on the results. Attention will also be needed on interest-rate trends following comments from Fed Governor Cook (クック).
Initial jobless claims, preliminary April–June unit labor costs and June wholesale inventories are scheduled for release tonight. Before the open, Ralph Lauren and Warner Bros. Discovery are scheduled to report earnings, while Airbnb, Aflac and Akamai Technologies are scheduled to disclose results after the close.