), as investors began to look beyond the technology sector's top performers. The Dow climbed 247.15 points, or 0.62%, to close at 40,000.90, hitting a new all-time high of 40,257.24 during the session.
This week, the focus will shift to the earnings season, as economic data and central banker speeches will be relatively light. Nevertheless, market participants will keep an eye on economic reports for insights into the Federal Reserve’s future policy decisions.“We forecast control retail sales fell 0.3%M in June,” Morgan Stanley economists said in a note.
Nonetheless, much of the market’s attention will be directed toward the Q2 earnings season, which kicked off last week. Citi reported revenues of $20.13 billion, surpassing the forecast of $20.11 billion, and a net income of $3.03 billion, which was 11% higher than the estimated $2.72 billion. JPMorgan’s results were even better.: “The historical spread between the performance of S&P500 and SPW is extreme. Given this, it is probable that the divergence peaks, but that could happen through winners stalling, and not through laggards rallying.
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