Wall Street’s main indexes rose to fresh record highs as investors awaited the start of earnings season and a batch of economic data
Investors will closely watch quarterly reports for early clues on the how long the U.S. economic recovery may last, with June-quarter earnings per share for S&P 500 companies expected to rise 66%, according to IBES data from Refinitiv.has rallied about 17% so far this year, with some investors questioning how long Wall Street's rally may last and concerned about a potential downturn.
"Earnings season is going to be warmly greeted as an opportunity for existing biases to be confirmed," warned Mike Zigmont, head of trading and research at Harvest Volatility Management in New York. "Even if forecasts are not as rosy as what the most bullish had hoped, it's all going to get rationalized away."
Focus this week will also be on a series of economic reports, including headline U.S. inflation data and retail sales. As well, Federal Reserve Chair Jerome Powell is due to appear before Congress on Wednesday and Thursday for views on inflation. Investors have been concerned about higher inflation and the spread of the Delta coronavirus variant in the past few sessions, with traders seesawing between a preference for economy linked-value stocks and tech-heavy growth names.
A street sign for Wall Street is seen outside of the New York Stock Exchange in New York City, New York, U.S., June 28, 2021. REUTERS/Andrew Kelly
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