The tech-heavy Nasdaq led Wall Street higher on Monday supported by megacap growth stocks including Apple and Tesla, ahead of quarterly results from industry heavyweights through the week.
Second-quarter earnings are gathering momentum, with Tesla (TSLA.O) due to report on Wednesday, while Bank of America (BAC.N), Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Netflix (NFLX.O) are also lined up through the rest of the week.
Of the 30 companies in the S&P 500 that have reported earnings as of Friday, 80% beat analyst expectations, according to Refinitiv data.
“Investors are looking at the fact that the economy has been really resilient and corporate earnings so far are coming in pretty well,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Apple (AAPL.O) climbed 1.2% after Morgan Stanley raised its target price on the iPhone maker.