Why the S&P 500 needs Amazon to deliver on earnings

Trade and earnings optimism on Monday left the S&P SPX, +0.69% 0.6% away from a July 26 record close of 3,025.86. “A solid beat on earnings from Amazon is definitely needed to swing the S&P 500 into new highs,” says our call of the day from Peter Garnry, Saxo Bank’s head of equity strategy.

Investor appetite for the shares, which closed Monday at $1,785.66, could ebb sooner rather than later, Garnry told MarketWatch in a follow-up chat. He advises watching for early warning signs of margin compression on AWS and slowing top line, or revenue, growth. The buzz Earnings are rolling out from biotech group Biogen BIIB, +1.57%, consumer goods corporation Procter & Gamble PG, +1.37%, toy maker Hasbro HAS, -1.48%, motorbike maker Harley-Davidson HOG, +1.39%, conglomerate United Technologies UTX, +1.13%, package shipper UPS UPS, +1.00% and McDonald’s MCD, +0.65%, to name a few. After the close, we’ll get fast-food company Chipotle CMG, +1.20% and Snapchat parent Snap SNAP, +7.84%.Disney’s DIS, -0.

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