This article will be updated throughout the day, so check back often for more daily updates.
You’re not going to believe this, but as Thursday dawns, we have… no news of new tariffs roiling the stock market. (But stay tuned. The day is young). For the past 24 hours, President Trump hasn’t tweeted out any new countries getting hit with tariffs, or even threats of same.
Nor is there any inflation news today (after two straight days of encouraging BLS reports).
Could it be we’re in for a quiet day on the stock market? It might seem so, with the Vanguard S&P 500 ETF (NYSEMKT: VOO) trading up a tranquil 0.2% premarket. Except for one thing…
Earnings
Earnings season is in full swing today, and multiple S&P 500 component companies are reporting Q2 financial results:
Janitorial supply company Cintas (Nasdaq: CTAS) reported $1.09 per share in earnings this morning, beating the analyst forecast by $0.02, and beating on revenues as well.
Insurance company Travelers (NYSE: TRV) reported $6.51 per share in Q2 profit, nearly twice the $3.60 analysts had forecast.
Airplane engine-maker GE Aerospace (NYSE: GE) said it earned $1.66 in the second quarter, well ahead of the $1.40 expected.
Soda and snacks giant PepsiCo (NYSE: PEP) reported a $2.12 per share profit, $0.09 better than expected.
Among non-S&P 500 companies (because it’s not a US company), semiconductors giant Taiwan Semiconductor Manufacturing Company (NYSE: TSM) earned $2.47 per share in the quarter, beating analyst forecasts for $2.36. Sales of $30.1 billion edged out expectations for $29.9 billion.
Analyst Calls
Finally, let’s end (for now — updates will follow) with some good news for the transportation sector. S&P 500 component company CSX (NYSE: CSX) won an upgrade to buy from Bank of America Securities today. Analyst Ken Hoexter cites “increased potential for M&A discussions to drive valuation interest in US railroads higher,” and hangs a $42 price target on CSX.
The post Stock Market Live July 17: S&P 500 (VOO) Floats Higher on Positive Earnings Reports, No Tariffs News appeared first on 24/7 Wall St..
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Author: Joel South
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