Action Investments Limited: Wall Street finishes higher, with profits expected to rise

U.S. equities closed higher on Monday to start off the trading week, led by advances in banking and technology firms as investors anticipated the next batch of quarterly reports this week as earnings season picks up steam.
SHEUNG WAN, Hong Kong - Aug. 3, 2023 - PRLog -- Tesla (TSLA.O) and Netflix (NFLX.O) are scheduled to report earnings this week, while Bank of America (BAC.N), Morgan Stanley (MS.N), and Goldman Sachs (GS.N) are also scheduled to report results, following reports from peers such as JP Morgan (JPM.N) and Citigroup (C.N) last week.

Investors will be watching business outlooks, with profits for the quarter likely to tumble 8.1%, according to Refinitiv data, a larger drop than the 5.7% drop predicted at the beginning of the month.

"Obviously, we're about to get all these (earnings) reports, but it feels to me like earnings are going to be good, and at the end of the day, how do you value stocks - based on earnings and dividends," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.

"By and large, the market as a whole remains reasonably priced, if not downright cheap." My greater worry for the future is that the Fed will start doing things it doesn't need to do to win the inflation fight, but that will eventually undermine the economy."

Equities have lately surged, with the S&P 500 and Nasdaq reaching 15-month highs as economic data has pointed to a strong economy with decreasing inflation and a healthy job market.

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