Live updates of stock market news: Stocks soar as earnings lead the highest expectations

Shares gained on Tuesday, shedding declines from a day earlier, as a number of closely monitored companies surpassed quarterly earnings estimates.

The S&P 500 rose after the blue chip index ended a choppy session on Monday. The Dow also rose, returning to the intraday record set the day before.

Shares Under Armour’s (UAA) rose after the sportswear manufacturer beat second-quarter sales estimates and raised its full-year earnings outlook. Shares of Simon Property Group (SPG) also rose after the company released second-quarter results that far exceeded estimates, raised expectations and raised its dividend, with the mall’s property operator seeing improvements in occupancy and foot traffic in addition to reopening the economy. Shares of video game maker Take-Two Interactive (TTWO), however, fell after the company’s current quarter forecasts fell short of estimates, overshadowing an otherwise better-than-expected print on earnings and revenue for the last quarter.

Overall, the three major stock indices have drifted adrift over the past session as investors wait for more catalysts from corporate earnings, economic data and policymakers.

“We are currently going through a number of transitions at once,” George Mateyo, Key Private Bank’s chief investment officer, told Yahoo Finance. “The first, of course, is this slowdown in growth. We’ve seen this massive surge and growth since the pandemic.”

“Second, we are dealing with the Fed and also with their transition, both on the leadership side and also on the policy side,” he added. “And then third… we also have the Delta variant to consider, in terms of possible transition to a new wave of cases in the COVID-19 situation.”

Turning to the growth outlook, Friday’s Labor Department jobs report will help provide a better picture of how much more ground the labor market has recovered this summer, and whether the economy is approaching the threshold of recovery to reach a at the heart of the Federal Reserve’s ultra-supportive monetary policy. And on Tuesday, companies including Lyft (LYFT), Match Group (MTCH) and Avis Budget Group (CAR) will report quarterly results.

Despite Monday’s decline, equities are still close to record levels, supported by the combination of generally strong second-quarter earnings results, an ongoing economic recovery and the still accommodative Federal Reserve. However, some strategists are warning investors to remain vigilant given the high valuations of stocks and the relatively long time since stocks last pullback. US stocks have passed more than 180 trading days without a 5% correction, in one of the 15 longest trajectories for the stock market without such a pullback, according to recent research from Goldman Sachs.

“There was almost a level of perfection priced into the market that came in the summer, and a reopening that was also very strong,” Ross Mayfield, Baird’s investment strategy analyst, told Yahoo Finance. against the market in the near term, both from a technical and fundamental perspective. And I wouldn’t be surprised if I see some short term volatility here and maybe a bit of a correction before resuming what should still be a really strong structural bull market .”

9:30 a.m. ET: Stocks Open Higher After String of Strong Gains

This is where the markets traded shortly after the opening bell:

  • S&P500 (^ GSPC): +9.5 (+0.22%) to 4,396.66

  • dow (^DJI): +83.72 (+0.24%) to 34,921.88

  • Nasdaq (^IXIC): +8.39 (+0.06%) to 14,681.07

  • rough (CL=F): -$1.69 (-2.37%) to $69.57 per barrel

  • Gold (GC=F): -$6.60 (-0.36%) to $1,815.60 per ounce

  • 10-year treasury (^TNX): unchanged, yield 1.174%

8:13 a.m. ET: Tencent shares fell after Chinese state-run news outlet attacked video game maker

Shares of Chinese tech giant Tencent (0700.HK), listed in Hong Kong, fell 6% on Tuesday after a media outlet with ties to the Chinese government attacked the company, calling online games “spiritual opium.”

The media outlet the Economic Information Daily mentioned one of Tencent’s video games in the article, which was subsequently removed. However, Tencent said Tuesday it would work to reduce the time minors spend on its video games in response to the article.

The article comes amid a major crackdown in China against the country’s largest tech companies, overseeing names from Didi Global (DIDI) to Baidu (BIDU). U.S. certificates from both companies fell in trading early Tuesday morning after the article.

Tuesday at 7:45 a.m. ET: Stock Futures Hold Overnight Gains as Earnings Expect More

This is where the markets traded Tuesday morning:

  • S&P 500 futures (ES = F): +14.25 points (+0.33%) at 4,394.00

  • Dow futures (YM=F): +156 points (+0.45%) to 34,877.00

  • Nasdaq futures (NQ = F): +9.75 points (+0.07%) to 14,962.5

  • rough (CL=F): +$0.34 (+0.48%) to $71.60 per barrel

  • Gold (GC=F): -$9.30 (-0.51%) to $1,812.90 per ounce

  • 10-year treasury (^TNX): +1.8 bps for 1.19% yield

6:10 p.m. ET Monday: Stock Futures Advances

Here’s where the markets traded Monday night:

  • S&P 500 futures (ES = F): +4 points (+0.09%) at 4,383.75

  • Dow futures (YM=F): +40 points (+0.12%) to 34,761.00

  • Nasdaq futures (NQ = F): +9.75 points (+0.07%) to 14,962.5

Traders work on the floor of the New York Stock Exchange in New York, July 29, 2021. (Photo by TIMOTHY A. CLARY/AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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