Market Recap

The Dow Jones Industrial Average fell 0.12%, the S&P 500 rose 0.08%, and the Nasdaq Composite gained 0.07%.

So far, more than 40% of the S&P 500 companies have reported their results with 79% posting earnings that exceeded Wall Street expectations, according to LSEG. That compares to a five-year average earnings beat rate of 77%.

“Both 2024 and 2025 consensus EPS are holding up, with 2024 EPS tracking a typical non-recessionary year revision trend. This suggests that analysts are relatively comfortable with their estimates,” Savita Subramanian, Bank of America’s head of U.S. equity and quantitative strategy, said in a note. “Corporate commentaries are also relatively sanguine.”

The yield on the 10-year U.S. Treasury note fell by 2.92 basis points to 4.1647%. The 2-year U.S. Treasury yield decreased by 0.62 basis points to 4.3791%.

WTI crude oil for September delivery fell by $1.35, or 1.75%, to $75.81 per barrel, falling below the 200-day moving average. Brent crude for September delivery dropped by $1.35, or 1.66%, to $79.78 per barrel. Spot gold fell 0.14% to $2383.92 per ounce. Spot silver declined 0.23% to $27.8617 per ounce. LME aluminum and zinc fell by at least 1.2%, while LME copper and tin dropped by over 0.9%.