S&P 500 Closes Higher as Investors Digest Chinese Economic Data and Await Major Company Earnings
- Shams Ul Zoha
- July 18, 2023
- 4:54 pm
WHAT YOU SHOULD KNOW
- China’s economy grew by 6.3% year-over-year in the second quarter, surpassing the previous quarter’s growth rate but falling short of expectations.
- Bank of America, Tesla, Goldman Sachs, and Netflix are among the prominent companies scheduled to release their second-quarter earnings this week.
- The S&P 500 closed higher with gains in the information technology and financials sectors, while utilities and real estate stocks experienced declines.
S&P 500 closed higher on Monday, driven by investors digesting recent economic data from China. The Chinese economy expanded by 6.3% year-over-year in the second quarter, surpassing the previous quarter’s growth but falling short of expectations. Chinese retail sales also saw a slowdown in June compared to May. The People’s Bank of China maintained its one-year medium-term lending facility rate at 2.65%.
This week, major companies such as Bank of America, Tesla, Goldman Sachs, and Netflix are scheduled to release their earnings for the second quarter. Expectations indicate an anticipated 8.1% decline in overall earnings compared to the 5.7% decline projected earlier this month.
The S&P 500 saw mixed performance in its major sectors, with information technology and financial stocks recording notable gains, while utilities and real estate stocks closed lower during Monday’s session. The Nasdaq 100 index rose by 0.95% on Friday, supported by the positive performance of shares in Apple and Tesla. In the previous session, the S&P 500 increased by 0.39%, while the Dow Jones gained 0.22%. The CBOE Volatility Index (VIX), which measures market volatility, rose by 1.1% to close at 13.48 on Monday.
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