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The Vanguard S&P 500 ETF (NYSEMKT: VOO) is looking like it wants to hit a new all-time high today as shares rise 0.4% premarket. And what’s driving today’s rise?
In a word: Japan.
President Trump announced on Truth Social last night that Japan has signed “perhaps the largest Deal ever made” with the U.S., agreeing to “open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things,” and to invest $550 billion in the U.S. A corresponding announcement from Japanese Prime Minister Shigeru Ishiba noted that in return, the U.S. will lower tariffs on Japanese auto exports to the U.S. to 15%.
U.S. markets haven’t yet opened for trading, but on the other side of the world, Japanese automotive stocks are already soaring. Honda Motor (NYSE: HMC) and Nissan Motor stocks are both reportedly up 8%, and Toyota Motors (NYSE: TM) is up 11%, and premarket gains for these companies’ U.S. ADRs look even more robust.
Earnings
Back here in the U.S. earnings season continues to roll ahead. Among S&P 500 components:
Copper miner Freeport-McMoRan (NYSE: FCX) reported a $0.54 per share Q2 profit on $7.6 billion in quarterly sales, both numbers well ahead of expectations.
Earnings from electric utility stock NextEra Energy (NYSE: NEE) were more mixed. On the one hand, NextEra had solid profits of $1.05 per share, more than the $0.98 predicted. On the other hand, though, the company’s $6.7 billion in Q2 revenue fell short of the $7.3 billion Wall Street wanted to see — and the stock is trading down slightly pre-market.
Credit cruncher Moody’s Corporation (NYSE: MCO) says it earned $3.56 per share, a dime better than expected. Revenue of $1.9 billion for the quarter also beat expectations.
And bringing up the rear after a stream of defense stock reports yesterday, General Dynamics (NYSE: GD) reported $3.74 per share in Q2 profits, $0.30 more than expected. Q2 revenue of $13 billion likewise topped expectations.
The post Stock Market Live July 23: Japan Trade Deal News Drives S&P 500 (VOO) to New Highs appeared first on 24/7 Wall St..
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Author: Joel South
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