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U.S. stocks are mixed Monday ahead of a major wave of earnings, with travel stocks higher in Europe on hope for trans-Atlantic corridors.
By midafternoon, the
slipped 22 points, or 0.1%, while the
added 0.2%. The
rose 0.8%.
Earnings are rolling in, and they’re beating estimates. Over a quarter of the S&P 500’s market capitalization has reported for the quarter, according to Credit Suisse data, and earnings per share have beaten expectations by 23%, in aggregate.
“A continuation of the tech rally would give the broader market a boost too, paving the way for stocks to extend their record-breaking run,” said Milan Cutkovic, market analyst at Axi.
(ticker: TSLA) will be in the spotlight with the electric vehicle’s earnings due after the close of trade.
In Asia, the
ended 0.4% higher while the
lost 0.4%.
The Stoxx Europe 600 rose 0.3%, with airline stocks including
higher as European Commission President
Ursula von der Leyen
said fully vaccinated Americans should be able to travel to the Continent this summer.
President
Joe Biden
‘s proposed infrastructure spending package faces resistance in the Senate as Sen. Joe Manchin, a key Democrat, said he only supports passing a bill with Republican support.
& Co. (GRA) shares rose 6.3% after the company announced it will be bought by Standard Industries in a deal valued at $7 billion.
(VIAC) shares were down 0.8% even as Moffett Nathanson upgraded the stock to Neutral from Sell.
(SPG) shares were up 3.1% after Evercore upgraded the stock to Outperform from In line.
(ETSY) shares fell 4.3% after KeyBanc Capital Markets downgraded the stock to Sector Weight from Overweight.
(KEY) shares were up 2.6% after Wedbush Securities upgraded the stock to Outperform from Neutral.
Write to Teresa Rivas at teresa.rivas@barrons.com and Jacob Sonenshine at jacob.sonenshine@barrons.com
