More than half of the S&P 500 has reported calendar first-quarter earnings and the results have largely outperformed expectations. According to FactSet, 74.7% of the S&P 500 companies have beaten earnings estimates.
The strong results pushed equities to record highs earlier in the week. The S&P 500 hit an intraday record on Wednesday before closing lower while the Nasdaq reached an all-time high earlier this week. But stocks could face a tougher road ahead as the earnings season winds down, said Ilya Feygin, senior strategist at WallachBeth Capital.
"We're done with earnings season pretty much. All the Apples and the Googles have reported," Feygin said. "I think this focus on single names is going to stop and we're going to focus on the macro news, which to me is not that great as the earnings." Tesla shares rose more than 3% after the company unveiled a plan to raise up to $2 billion, with $1.35 billion coming from convertible bonds. The remaining $650 million would come from new equity, which includes a
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