The S&P 500 eked out a slim gain on Tuesday after strength in some big technology stocks countered disappointing quarterly reports from Johnson & Johnson and Goldman Sachs as first-quarter earnings season kicked into gear.
The healthcare sectorS&P 500 company earnings are expected to have declined 4.8% in the first quarter from a year earlier, according to Refinitiv IBES data as of Friday. Investors have zeroed in on bank results after the failure of Silicon Valley Bank last month set off concerns about potential systemic risks.
"While the big money center banks did very well as a whole, the focus I think is going to be on the regional banks because that is really where the center of the fallout was," said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management.fell in initial after-hours trading on Tuesday following the company's quarterly report.
The S&P 500 is trading near two-month highs as investors await a deluge of earnings and assess the interest rate path ahead of an expected 25 basis point increase at the Federal Reserve's meeting early next month.
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