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Market Update

Record Closes and Dizzying Heights: Tech Earnings Boost Indexes

July 17, 2015

Liftoff! The Nasdaq is up for five of the last six days; yesterday it closed at all-time record highs. The tech-heavy index could get an even bigger boost today: Search engine giant Google (GOOG/GOOGL) enjoyed a blowout quarter—its first trouncing of expectations since Q1 2013. The stock opened up more than 12%.

The S&P 500 (SPX) also may challenge all-time highs today; it’s trading within 0.5% of record levels. Stocks such as Facebook (FB) were higher in early action on the coattails of Google and Netflix (NFLX). Meanwhile, the CBOE Volatility Index, which tracks implied volatility on SPX options, has continued to pound away at the 12 level.

Imagination at Work. GE’s report this morning revealed that the company missed on earnings expectations, but it’s not all bad: the positive news was that they beat the revenue forecast. 

Hello, Dolly. Toymaker Mattel (MAT) reported this morning and beat earnings expectations. However,  their flagship "Barbie" products continue to struggle. 

Earnings, Continued. Next week will bring plenty of additional earnings reports. As we head out of this week, about 20% of the S&P 500 firms have reported, and of those, more than 70% are meeting or beating expectations. See you then!

Good trading,

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