The second-quarter earnings season is set to gather pace, with results due from companies such as Alphabet, Tesla and Intel. These will provide a broader view of corporate health after an initial wave of reports largely from the financial sector. Peter Tuz of Chase Investment Counsel said investors appear to be holding back ahead of key updates from technology, energy and consumer-focused firms.
Geopolitical tensions remained in focus. Yemen’s Iran-aligned Houthis announced a naval blockade on Saudi Arabia, opening a new front in the U.S.-Iran conflict and raising risks to global energy supply and trade. However, a senior Iranian official indicated that mediators have proposed a 10-day ceasefire to de-escalate tensions and revive a recent interim agreement.
Market participants are increasingly sensitive to developments in the region. Joe Quinlan of Merrill and BofA Private Bank noted that any move toward reduced conflict could help stabilise oil and gasoline prices, easing pressure on consumers. At the same time, investors are positioning ahead of earnings, with S&P 500 profit growth expected at 26% year-on-year for the second quarter, according to LSEG data.
Focus will also be on semiconductor companies such as Intel and Texas Instruments, especially after the Philadelphia Semiconductor Index confirmed a bear-market decline, falling over 20% from its late-June peak. Encouraging results from chipmakers could help restore confidence in the sector.
In market performance, the S&P 500 fell 0.18% to 7,444.19, while the Nasdaq Composite edged down 0.04% to 25,510.27. The Dow Jones Industrial Average declined 0.57% to 51,848.96.Among individual stocks, Alphabet gained after reports that its Google unit is developing a Gemini-integrated server chip to improve AI efficiency. Domino’s Pizza also rose after its quarterly revenue slightly exceeded Wall Street expectations.
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