U.S. Stocks Advance Amid Earnings as Banks Gain; Alphabet Falls

U.S. stocks rose for the first time in four days as earnings season picked up pace, with energy and financial stocks leading gains. Google parent Alphabet Inc. declined on concern about rising costs.

The S&P 500 added 0.3 percent to 2,477 at 4 p.m. in New York, notching another record in a week where investors awaited a raft of earnings and the Federal Reserve’s rate decision on Wednesday.

  • Energy stocks paced market gains, up 1.2% as oil added 3.4%
    • Oil prices rose after Saudi Arabia pledged deep cuts to crude exports
  • Financial companies up 1.3%, bolstered by higher Treasury yields
    • Citi jumped 2.9% after raising long-term forecasts for profitability and cost savings
  • Tech shares down 0.2%
    • Alphabet lost 2.9% after its second-quarter results rekindled concern about rising costs at Google’s advertising businesses. Profit was hurt by a record antitrust fine from the European Union
  • POLITICS:
    • Senate Republicans agreed to begin floor debate on health-care legislation, a hard-fought step amid uncertainty about exactly what plan senators will ultimately be asked to vote on.
  • ECONOMY: 
    • Steady price gains in 20 U.S. cities in May indicate that a tight supply of properties paired with increased demand is boosting home values, according to figures from S&P CoreLogic Case-Shiller on Tuesday: 20-city property values index increased 5.7% y/y (est. 5.8%)
  • EARNINGS:
    • After-market Tuesday: AT&T Inc (T), Chubb Ltd (CB), Advanced Micro Devices Inc (AMD), Universal Health Services Inc (UHS), Equity Residential (EQR), Juniper Networks Inc (JNPR), Express Scripts Holding Co (ESRX), Zions Bancorporation (ZION), Ameriprise Financial Inc (AMP), Amgen Inc (AMGN), Wynn Resorts Ltd (WYNN), Akamai Technologies Inc (AKAM), Chipotle Mexican Grill Inc (CMG), Robert Half International Inc (RHI), Total System Services Inc (TSS), Texas Instruments Inc (TXN)
    • Pre-market Wednesday: Coca-Cola Co/The (KO), Hilton Worldwide Holdings Inc (HLT), Laboratory Corp of America Holdings (LH), Thermo Fisher Scientific Inc (TMO), Corning Inc (GLW), Waste Management Inc (WM), DR Horton Inc (DHI), Northrop Grumman Corp (NOC), TE Connectivity Ltd (TEL), Rockwell Automation Inc (ROK), Anthem Inc (ANTM), DTE Energy Co (DTE), Alaska Air Group Inc (ALK), Baxter International Inc (BAX), Ingersoll-Rand PLC (IR), Hess Corp (HES), Nasdaq Inc (NDAQ), Hershey Co/The (HSY), State Street Corp (STT), Ford Motor Co (F), WEC Energy Group Inc (WEC), Boeing Co/The (BA), NextEra Energy Inc (NEE), FLIR Systems Inc (FLIR), General Dynamics Corp (GD), Amphenol Corp (APH), Norfolk Southern Corp (NSC)

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