S&P 500 posts first close above 6,300, Nasdaq hits a record ahead of big tech earnings: Live updates

The S&P 500 and the Nasdaq Composite finished Monday's session with fresh closing records after both indexes scored new all-time intraday highs.

The broad market S&P 500 gained 0.14% to close at 6,305.60, while the tech-heavy Nasdaq climbed 0.38% to end at 20,974.17. In contrast, the blue-chip Dow Jones Industrial Average declined 19.12 points, or 0.04%, to finish at 44,323.07.

— Sean Conlon

Wells Fargo analyst Mike Mayo listed Citigroup as his "dominant," No. 1 pick.

"After listening again to Citi's 2Q25 earnings call, we have more confidence that Citi meets the criteria of many generalist PMs of a company not only w/ line-of-sight restructuring benefits but also favorable revenue growth," Mayo wrote in a Sunday note to clients.

Citi shares rose marginally in Monday morning trading and hit a fresh 52-week high. Mayo's $115 price target implies about 23% upside over where the stock finished last week.

— Alex Harring

The stock market may be unusually calm, with the CBOE Volatility Index (VIX) remaining notably muted all month in spite of ongoing risks around trade and inflation, one strategist said. However, that could change quickly in the coming weeks.

"With next week bringing the FOMC meeting, GDP data, a key tariff deadline, and a wave of earnings — in a historically weak window for the markets — even small surprises could trigger sharp reactions," wrote Mark Hackett, chief market strategist at Nationwide. "We're in a window where calm can quickly turn to complacency."

"While a break in either direction is possible, current positioning suggests we'd bet on a rally before a drop," Hackett wrote.

— Sarah Min

Retail-investor favorites Tesla and Nvidia underperformed as the market rose to all-time highs on Monday.

The S&P 500 and Nasdaq Composite touched fresh record levels in the session, lifted by gains of more than 1% in tech stocks such as Alphabet, Amazon and Meta.

But Nvidia and Tesla lagged in afternoon trading, with Nvidia gaining 0.1% and Tesla falling 0.1%. They had both slid about 0.3% earlier in the trading day.

Both stocks have been among the most-bough names from retail traders on balance in recent years, according to data from Vanda Research.

— Alex Harring

Second-quarter earnings season so far is impressing Wall Street.

Financial results from 59 companies in the S&P 500 — or 20% of the index — are now in, and are beating consensus estimates by 8% in aggregate, according to Bank of America. Consensus earnings per share results have been revised up 0.5% since July 1 and are now tracking for 5% year-over-year growth, up from 4% last week, the firm said.

Results have shown a "strong breath of beats," Savita Subramanian, BofA Securities head of US equity and quantitative strategy, wrote in a Monday note to clients.

After last week's bank earnings, Subramanian commented that "big banks posted solid results with all beating on EPS, but it wasn't enough to lift stocks higher following an already strong rally into earnings."

— Pia Singh

Check out the stocks making big moves in midday trading Monday:

• Bruker — The lab instrument and tools maker shed 12% after the company issued weaker-than-expected guidance for the second quarter. The company expects to earn between 32 and 34 cents per share on revenue ranging from $795 million to $798 million. Analysts polled by FactSet expected a profit of 42 cents per share on revenue of $813.3 million.
• Block — The fintech stock surged 8% as it prepares to officially join the S&P 500 before the opening of trading on July 23. Block will replace Hess, which has been acquired by Chevron.
• Arrowhead Pharmaceuticals — The biotech company fell nearly 12%, adding to its steep decline from the previous session. Shares slid 11.1%, following those of Sarepta Therapeutics.

Read here for the full list.

— Lisa Kailai Han, Fred Imbert

In a Sunday note to clients, Wells Fargo highlighted Amazon, Google and Expedia as its top tactical long ideas heading into earnings.

"Expect alleviation of supply constraints late in 2Q to enable acceleration commentary to rebut mkt skepticism on AWS [Amazon Web Services] 2H growth after weaker 3p data on April & May," wrote analyst Ken Gawrelski.

On the other hand, Google will likely be boosted by an acceleration in search revenues and paid clicks. Accelerating web traffic, positive revisions and an improving U.S. travel backdrop should bolster shares of travel tech company Expedia.

— Lisa Kailai Han

Sarepta Therapeutics were recently down 7% as Wall Street sours on the stock. Needham analyst Ethan Markowski said he's "Throwing in the towel," and Leerink analyst Joseph Schwartz said, "All Credibility Lost" as they both downgraded shares of in recent days. Mizuho also took its rating to neutral, citing "mounting concerns about Sarepta's businesses."

The possibility is growing that Elevidys, its treatment for Duchenne muscular dystrophy, will be removed from the market, analysts say. Two patients have died after receiving it.

Also worrisome is that the company didn't disclose the death of a third patient, who was being treated with SRP-9004, an experimental gene therapy for limb-girdle muscular dystrophy. The trial is now halted.

"We strongly disagree with management regarding their opinion on the materiality of the third death for their gene therapy platform, and again we think this significantly undermines their credibility," said Schwartz, who now rates the stock market perform, with a $10 price target.

On Friday, shares cratered more than 36% after Reuters reported that the Food and Drug Administration has requested that the company stop shipments of the drug, but Sarepta said it will continue to treat ambulatory patients.

—Christina Cheddar Berk

Tesla earnings will likely face challenges due to President Donald Trump's tariffs and disappointing deliveries, according to Bank of America.

"Although Tesla produces all its vehicles in the US and it manufactures vehicle with a high proportion of content made in North America, the exposure to tariff is not insignificant," analyst Federico Merendi told clients in a Monday note. The electric vehicle maker relies on batteries made in China, Merendi said.

Tesla reports second quarter earnings after the bell on Wednesday.

— Spencer Kimball

The Invesco S&P 500 High Beta ETF (SPHB) on Monday hit a new intraday all-time high going back to its inception in 2011. High beta refers to stocks that are the most sensitive to market movements, meaning they could have greater swings to the upside when the index goes higher, but have greater downside risk when the market goes south.

Stocks leading the ETF include Albemarle, Super Micro, ON Semi, Teradyne, CrowdStrike, Deckers, Freeport McMoRan. All are up more than 2%.

— Gina Francolla, Sarah Min

Barclays is moving to the sidelines on Target stock.

The firm downgraded Target stock to underweight from equal weight on Monday, and reiterated its $91 per share price target. Barclays' forecast implies about 12% downside from Target's $103.46 close on Friday.

"[W]e see value in the TGT model, but absent a bigger strategic shift, we believe sales will continue to underperform," analyst Seth Sigman said.

"[W]hile our analysis suggests comps have improved from Q1 (less bad, still negative), it has continued to underperform in both consumables and gen merch," the analyst added.

— Brian Evans

Stocks traded up on Monday morning.

The S&P 500 advanced 0.2% just after 9:30 a.m. ET, while the Nasdaq Composite climbed 0.3%. The Dow Jones Industrial Average also rose 89 points, or 0.2%.

— Sean Conlon

Shares of companies focused on ether treasury strategies rose in premarket trading after President Trump signed key stablecoin legislation into the first official U.S. crypto law on Friday and ETFs tracking the price of ETH logged a weekly record of inflows.

The price of ether was last higher by more than 1% at $3,821.75, according to Coin Metrics. It is trading at highs not seen since December.

Shares of Bitmine Immersion Technologies and Bit Digital climbed more than 2% each. SharpLink Gaming jumped 9%. Shares of Dynamix Corporation, a blank check company merging with a new group to form The Ether Machine, which is set to begin trading Monday, gained 30%.

On Friday, ETFs tracking the price of ether hit a record $2.18 billion in weekly inflows.

— Tanaya Macheel

A shift in consumer spending behavior could be a boon for Dollar Tree stock, according to Barclays.

The firm upgraded Dollar Tree stock to overweight from equal weight on Monday, and raised its price target $120 per share from $95. Barclays' forecast implies about 9% upside from Friday's $110.12 close.

"Following the FDO [Family Dollar] sale, we believe DLTR offers a cleaner growth story with strong momentum observed in Q1, accelerating in Q2 and set up well through the remainder of FY25/26. We see upside to earnings and valuation," analyst Seth Sigman said.

"External drivers are supportive including 'trade in' which could accelerate further this year, and benefits from competitor closings," the analyst added. "Internal initiatives are progressing, including multi price point (both conversions and the core store base) which seems to be resonating while also effectively raising prices on the base assortment with minimal volume impact to date."

— Brian Evans

These are the stocks moving the most in premarket trading:

• Block — The fintech stock surged 10% as it prepares to officially join the S&P 500 before the opening of trading on July 23.
• Pinterest — Shares of the social media company jumped more than 5% after Morgan Stanley analyst Brian Nowak upgraded the stock to overweight from equal weight.
• Verizon — The telecommunications stock rose 5% after posting second-quarter earnings of $1.22 per share on revenue of $34.5 billion.

Read the full list of stocks moving here.

— Lisa Kailai Han

Verizon shares gained more than 4% in premarket trading on Monday after the telecom giant beat on the top and bottom lines for the second quarter.

Verizon posted adjusted earnings of $1.22 per share on revenue of $34.5 billion. That came in above the $1.18 per share and $33.74 billion in revenue that analysts had called for, per LSEG. The company also raised its full-year guidance.

While the stock has lagged the broader market this year, seeing a year-to-date gain of more than 2%, shares have risen nearly 5% in the past six months, just outpacing the S&P 500's 4.1% jump in that period.

— Sean Conlon

Shares of Domino's Pizza jumped 3% in the premarket Monday following the pizza maker's latest quarterly results.

U.S. same-store sales saw an increase of 3.4% for the second quarter, surpassing the 2.2% that analysts surveyed by LSEG had estimated. That was the company's first U.S. sales beat in five quarters.

However, the company's earnings of $3.81 per share for the quarter missed the consensus estimate of $3.95 per share, while its revenue of $1.15 billion came in line with analyst expectations.

— Sean Conlon

Asia-Pacific markets mostly ended higher on Monday.

Hong Kong's Hang Seng Index rose 0.68% to close at 24,994.14, while mainland China's CSI 300 index increased by 0.67% to 4,085.61.

Meanwhile, South Korea's Kospi index advanced 0.71% to close at 3,210.81, while the small-cap Kosdaq moved up 0.12% to 821.69

Australia's S&P/ASX 200 benchmark fell 1.02% to end the day at 8,668.20.

Over in India, the 50-stock benchmark Nifty 50 was up 0.29%, while the BSE Sensex index added 0.37% as of 1.45 p.m. Indian Standard Time (4.15 a.m. ET).

— Amala Balakrishner

Commerce Secretary Howard Lutnick said Sunday that Aug. 1 is the deadline for countries to begin paying tariffs to the United States, but said that "nothing stops countries from talking to us after August 1."

"That's a hard deadline, so on August 1, the new tariff rates will come in," Lutnick said on CBS News, when asked about the deadline for his tariffs on the European Union.

President Donald Trump's tariff deadline has shifted since he announced his steep levies on trading partners on April 2, but White House officials now maintain that Aug. 1 is a firm deadline.

"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," Lutnick said.

— Erin Doherty, Sarah Min

Stock futures opened little changed Sunday night.

Dow Jones Industrial Average futures fell by 18 points, or 0.04%. S&P 500 futures gained 0.02%, while Nasdaq 100 futures traded flat.

— Sarah Min