US stocks traded mixed on Monday as investors awaited second-quarter earnings reports from some of the largest technology companies as well as major economic data.
The Nasdaq Composite Index was up 6.04 points, or 0.08 per cent, to 7,826.23.
Technology stocks are the best performers this year, rising more than 15 per cent so far.
This earnings season has been great so far. Second quarter earnings are expected to increase 22 per cent from the same period last year. Excluding the energy sector, the earnings growth estimate declines to 18.2 per cent.
Of the 500 companies in the S&P 500 that reported earnings by July 20, 83.9 per cent reported earnings above analyst expectations. This was above the long-term average of 64 per cent and above the prior four quarter average of 75 per cent.
The second-quarter blended revenue growth estimate is 8.3 per cent. Excluding the energy sector, the revenue growth estimate declines to 7.2 per cent. And 73.6 per cent of companies have reported revenue above analyst expectations.
This is above the long-term average of 60 per cent and above the prior four quarter average of 72 per cent.
On the economic front, US existing home sales fell for a third straight month in June as ongoing supply and demand imbalance pushed median sales price to a new all-time high.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)