US stocks maintained modest gains on Tuesday (July 29) as the market digested a series of earnings reports ahead of key economic developments. The S&P 500 rose 0.3% to 6,400 and the Nasdaq 100 gained 0.5% to break through 23,400, both reaching record highs, while the Dow Jones Industrial Average hovered near the flatline.
Union Pacific jumped 2% after agreeing to acquire Norfolk Southern in the largest railroad deal in the US. Meanwhile, tech giants mostly gained ahead of earnings results from the world's largest companies by market capitalization this week, including Microsoft, MetaTrader, Amazon, and Apple. Meanwhile, United Health (-6%), P&G (-1%), Merck & Co (-8.5%), UPS (-7%), and Boeing (-1.5%) all fell sharply after reporting results before the trading bell.
Job openings fell short of expectations, kicking off a new round of labor market updates this week, in addition to a sharp rebound in US GDP. The Fed is expected to keep interest rates unchanged tomorrow, as strong economic conditions coincide with the pro-inflationary risks of higher US tariffs. (alg)
Source: Trading Economics
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