LIVE MARKETS-Suddenly the Strait of Hormuz is 'irrelevant' to the US
SPY•Wall Street, earnings and this week's market catalysts
Wall Street futures were a shade lower after a record closes on Friday, with upbeat earnings reports giving the Nasdaq a 5% gain for the week.
Analysts at BofA noted that with nearly 90% of S&P 500 results in, earnings per share were up 30% on the year after excluding investment gains at Alphabet and Amazon. A 76% EPS beat rate matched the strongest level since 2021.
They added AI was the standout, with median EPS growth of 28% versus 12% for non-AI-related stocks, though consensus expects AI to slow to 16% next quarter.
Earnings are lighter this week but include semiconductor company Applied Materials AMAT.O, networking equipment maker Cisco CSCO.O and cloud infrastructure technology company CoreWeave CRWV.O.
Key developments that could influence markets on Monday:
- EU Sentix investor confidence for August
