<p>-
- US stocks open mostly up. S&P 500 and Nasdaq touch new all-time highs again on earnings</p>
<p>Medora Lee, USA TODAY July 29, 2025 at 6:12 PM</p>
<p>U.S. stocks opened mostly higher, with the broad S&P 500 and tech-laden Nasdaq scoring fresh record highs again.</p>
<p>On July 28, the S&P 500 scored its sixth straight record high close. It also was the S&P 500's 15th record high close this year. The tech-heavy Nasdaq also closed at an all-time high.</p>
<p>Some analysts now see the S&P 500 marching this year to 7,000 from under 6,500 currently.</p>
<p>"It's increasingly looking as though the S&P 500 will continue to power ahead," wrote Thomas Mathews, head of markets, Asia Pacific at research firm Capital Economics, in a note. "With the worst of the risks around trade seemingly fading, we suspect there are fewer remaining obstacles to further investor enthusiasm for AI (artfificial intelligence) and its implications for U.S. companies. So, we suspect expectations for earnings and valuations could rise further, perhaps quite a bit for the "tech" sectors...our end-2026 number of 7,000 seems as though it could plausibly come a bit sooner than we had anticipated."</p>
<p>At 9:50 a.m. ET, fthe blue-chip Dow dipped 0.14%, or 64.50 points, to 44,773.06; the S&P 500 edged up 0.1%, or 6.17 points, to 6,395.94; and the Nasdaq gained 0.24%, or 50.95 points, to 21,229.53. The 10-year Treasury yield slipped to 4.374%.</p>
<p>Stocks got a boost after the European Union struck a trade deal with the United States over the weekend. The deal included billions of dollars worth of investments by the EU in the United States and a 15% tariff for most European goods entering the United States.</p>
<p>Countries that haven't agreed on a trade deal with the United States have until Aug 1 to reach one. Otherwise, President Donald Trump said the baseline global tariff rate will be between 15% and 20%. Treasury Secretary Scott Bessent is holding another days of trade talks with Chinese Vice Premier He Lifen in Stockholm, Sweden.</p>
<p>Make or break week</p>
<p>Since mid-April, the S&P 500 has surged nearly 28%, the fastest rebound in over 50 years. Now comes the real test, said Chief Investment Officer Gene Goldman at investment management firm Cetera.</p>
<p>Stocks will face a triple threat this week that could either justify the recent rally or create headwinds, he said. The first potential threat is earnings, especially from so-called Magnificent Seven influential megacap tech companies Facebook parent Meta, Microsoft, Amazon and Apple. Investors will be looking at whether artificial intelligence spending is slowing at all. AI spending has boosted tech companies this year.</p>
<p>The second potential threat is the Federal Reserve policy meeting. "The Fed is likely to hold rates steady in July with dissents from Governors Waller and Bowman, marking the first time two governors have dissented at a meeting since 1993," said Russell Investments' Global Chief Investment Strategist Paul Eitelman. Eitelman expects the next rate cut at the Fed's September meeting.</p>
<p>The last potential threat is July's employment report at the end of the week. It's expected to show 102,000 new jobs, down from 147,000 in June and an uptick in the unemployment rate to 4.2% from 4.1%.</p>
<p>Street signs hang outside the New York Stock Exchange (NYSE) at Wall Street in New York on February 3, 2025. Stock markets slumped Monday over concerns about the global economy after US President Donald Trump announced tariffs on Canada, China and Mexico. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)Mergers and acquisitions</p>
<p>Union Pacific agreed to buy Norfolk Southern in an $85 billion cash-and-stock deal to create America's first coast-to-coast rail operator. Norfolk Southern shareholders will receive one Union Pacific share and $88.82 in cash for each Norfolk share,</p>
<p>The companies expect the deal to close by early 2027, but some analysts have doubts. Justin Bergner, portfolio manager at Gabelli Funds, said he expects "an extensive and contentious review" that could take more than 18 months. He said he gives the merger lower odds than the market to pass regulatory review.</p>
<p>Union Pacific shares were up fractionally, while Norfolk stock slipped 1.53%.</p>
<p>Separately, Baker Hughes said it agreed to buy industrial equipment maker Chart Industries Inc. for about $9.6 billion in cash to expand into liquefied natural gas, nuclear power and other technologies. Chart shareholders will receive $210 per share and puts an end to Chart's previous plan to merge with Flowserve. The companies expect the deal to close by mid-2026.</p>
<p>Baker Hughes shares fell 2.27% and Chart stock jumped 15.88%. Flowserve stock gained 4.76%.</p>
<p>Corporate news -</p>
<p>Procter & Gamble chief executive Jon Moeller will step down from his role and become executive chairman of the company, effective Jan. 1, 2026. He will be replaced by chief operating officer Shailesh Jejurikar. The consumer goods company's quarterly results also beat estimates. It reiterated that tariffs could add $1 billion to its annual costs. Shares were off less than 1%.</p>
<p>Novo Nordisk warned of sharply lower annual results due to weakening demand for its Wegovy obesity drug as generics grab more sales. It also named Maziar Mike Doustdar as its new chief executive. Shares plummeted more than 20%.</p>
<p>Airplane maker Boeing reported better-than-expected second-quarter results to notch its best quarter since 2023 on the strongest deliveries since 2018. Shares were down fractionally.</p>
<p>Sarepta Therapeutics said the Food and Drug Administration recommended removing its voluntary hold on Elevidys for use with ambulatory patients. Shares jumped around 21%.</p>
<p>Delivery company UPS topped second-quarter sales estimates but its adjusted earning per share were just shy. It said uncertain economic factors continued to prevent it from offering guidance. Shares lost 7.86%.</p>
<p>Cadence Design Systems topped analysts' estimates with its second-quarter results and issued positive full-year guidance. Shares rose 9.57%.</p>
<p>Steel producer Nucor missed second-quarter expectations. It also expects current quarter results to be "nominally lower" than the second-quarter. Shares shed 4.64%.</p>
<p>Appliance maker Whirlpool reported disappointing second-quarter results and offered full-year guidance below analysts' forecasts. The stock lost 8.32%.</p>
<p>UnitedHealth expects full-year results to be worse than expected due to high medcal costs. It missed second-quarter earnings per share forecasts. Shares fell 5.18%.</p>
<p>Spotify added more listeners than forecast but second-quarter sales missed analysts' estimates. The streaming company also provided lackluster third-quarter guidance. The stock dropped almost 9%.</p>
<p>Merck missed second-quarter revenue estimates and narrowed its full-year outlook. It plans to cut $3 billion in costs by the end of 2027. Shares slumped about 7%.</p>
<p>Jeep maker Stellantis reinstated its financial guidance and estimated tariff costs at about $1.7 billion this year. Shares edged up.</p>
<p>PayPal posted better-than-expected second-quarter results and raised its full-year outlook. The stock lost 6.6%.</p>
<p>Cryptocurrency</p>
<p>PayPal launched "Pay with Crypto" to allow consumers to use many types of cryptocurrencies to complete their purchases, and use wallets such as Coinbase and MetaMask. Once the transaction is completed, the payments will automatically convert to fiat or stablecoin.</p>
<p>Pay with Crypto will allow companies to accept cross-border payments in cryptocurrencies and lower their costs for accepting such a transaction, PayPal said.</p>
<p>Bitcoin was last up 0.67% at $118,715.30.</p>
<p>(This story was with new information.)</p>
<p>Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.</p>
<p>This article originally appeared on USA TODAY: US stocks open up as S&P 500, Nasdaq hit records to keep streak alive</p>
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