Markets Set New Highs
- Jul 24
- 3 min read
Tuesday, 22nd of July
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What's Moving The Market
Last week, the S&P 500 and Nasdaq 100 both hit new record highs. Why? The economic data was just right — not too hot, not too cold. Inflation remains under control, retail sales are holding steady, and consumer confidence (according to the University of Michigan) is rising. That’s the kind of environment investors love: steady growth without signs of overheating.
The earnings season also started on a strong note. So far, 83% of companies in the S&P 500 have beaten Wall Street estimates on both sales and profits. U.S. consumers and businesses continue to hold up well, which is a positive sign for the broader economy.
What does this mean for the market? According to Goldman Sachs, the S&P 500 could reach 6,600 within six months and 6,900 over the next year. In short, we’re in a bull market — and there’s still fuel in the tank.
That said, we’re heading into the slower summer months. Trading tends to quiet down, and short-term volatility could creep in. So while the long-term outlook remains strong, the risk-reward balance might be a bit trickier in the near term.
Weekly Market Snapshot (as of last Friday):
Index/Asset | Level | Weekly Change |
S&P 500 (SPY) | 6,309.6 | +0.33% |
Nasdaq 100 (QQQ) | 18,435.5 | +0.39% |
DAX (Germany) | 24,280 | +0.65% |
Nikkei 225 (Japan) | 41,171.32 | +3.51% |
Hang Seng (Hong Kong) | 25,538.07 | +1.62% |
Gold (COMEX) | $2,432 | –0.21% |
Bitcoin (BTC) | $117,670 | –0.6% |
Analysts View: Upgrades and Downgrades
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What's Coming Up This Week
Upcoming Earnings Highlights: Big Tech in Focus
Alphabet (Google) will report its Q2 results after the U.S. market close on Wednesday. Bears remain cautious, citing long-term concerns over Search, as AI chatbots gradually chip away at market share, and ongoing regulatory and legal pressures. Bulls, on the other hand, point to Alphabet’s secular growth tailwinds across key markets and its relatively attractive valuation. According to FactSet consensus, Wall Street expects Q2 earnings per share (EPS) of $2.18 on revenue (ex-TAC) of $80.3 billion. Total revenue is forecast at $93.9 billion. Segment highlights include:
Search: +8.7% to $52.7B
YouTube: +10.2% to $9.54B
Network: –2.7% to $7.24B
Subscriptions: +15.7% to $10.78B
Cloud: +26.8% to $13.11B
IBM is also set to release its Q2 results after the bell on Wednesday. The company, nicknamed "Big Blue", has been undergoing a restructuring for the past 18 months. With the stock’s valuation having climbed again, investors will be watching margins closely. FactSet consensus estimates Q2 revenue of $16.59 billion and EPS of $2.65.
ServiceNow, the IT service management specialist, will post its Q2 results after Wednesday’s close as well. Investor sentiment is strong, supported by sector momentum and widespread enthusiasm around AI adoption. Wall Street expects EPS of $3.57 on revenue of $3.12 billion, according to FactSet.
T-Mobile US will publish its Q2 earnings after the market closes on Wednesday. Investors are keen to see how growth has translated into profitability. Consensus estimates call for EPS of $2.68 and revenue of $21.04 billion.
Tesla will also report Q2 results Wednesday after hours. Following Elon Musk’s exit from his role at DOGE, investors had hoped this would benefit Tesla’s core operations. But political tensions with U.S. President Donald Trump and mounting regulatory risks continue to weigh on sentiment. After the previously reported Q2 delivery numbers, FactSet consensus points to revenue of $22.22 billion and EPS of $0.39.
Intel will round out the tech earnings wave, reporting its Q2 results on Thursday after the close. Investors are pinning hopes on new CEO Lip-Bu Tan, especially as competitors are already capitalising on the AI boom — a space where Intel still lags. FactSet consensus expects Q2 revenue of $16.59 billion and EPS of $2.65.
Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. It does not consider your personal objectives, financial situation, or needs. You should consider whether the information is appropriate for your circumstances and seek professional advice before making any investment decisions. Investing in stocks carries inherent risks, and the application of any strategy may not eliminate the risk of loss. Market conditions, volatility, and unforeseen events can impact outcomes, and past performance is not indicative of future results.
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