Suddenly the Strait of Hormuz is 'irrelevant' to the US
SPY•Key events on Monday
- EU Sentix investor confidence for August
- Federal Reserve Bank of Cleveland President Beth Hammack appears
Earnings and market outlook
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.
