(Bloomberg) — Stocks traded mixed as focus turned from US politics to a heavy week for company earnings with tech giants Tesla Inc. and Alphabet Inc. due to report later Tuesday.
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Europe’s Stoxx 600 Index fluctuated as gains in the shares of technology and travel companies were offset by a drop in the chemicals and mining sectors. Futures on the S&P 500 pointed to a lower open on Wall Street. The dollar and US Treasuries traded steady.
Companies representing 29% of the S&P 500’s market value are due to report this week and investors are waiting to see if the rally in tech stocks that has lifted the benchmark this year has room to continue.
Analysts are keen for details of Tesla’s robotaxi service, while at Alphabet, AI offerings and Google Cloud revenue are in focus. LVMH, the world’s largest luxury group, is seen reporting an increase in second-quarter sales when it posts results after markets close on Tuesday.
US election developments remain front and center, with Kamala Harris now having more than enough pledged delegates to clinch the Democratic presidential nomination. In economic data, US readings on the economy are due later in the week as well as the Federal Reserve’s preferred inflation gauge.
“The earnings season is now shifting gear,” said Andrea Tueni, head of sales trading at Saxo Banque France. “This will be this week’s focus before inflation on Friday. I don’t see a repricing of the ‘Trump trade’ taking place just yet.”
The yen strengthened against the dollar as traders look set to trim their carry positions during the summer holiday season. Some Bank of Japan officials are open to raising rates at the July meeting while others see weakness in consumer spending complicating their decision, according to people familiar with the matter.
In commodities, oil was steady near a six-week low.
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