(Bloomberg) — Stocks failed to gain traction as traders waded through a deluge of corporate results for clues on whether the market will be able to extend this year’s record-breaking advance.
Following its biggest rally since early June, the S&P 500 fell. United Parcel Service Inc. suffered its largest-ever plunge on disappointing results. In late trading, Alphabet Inc. rose after its revenue beat analysts’ expectations. Tesla Inc. dropped after an earnings miss.
“Given that profit expectations are high for the ‘Magnificent Seven,’ these companies will have a lot to prove when they report results,” said Anthony Saglimbene at Ameriprise. “At the same time, their outlooks will likely be heavily scrutinized in comparison to elevated valuations.”
Upbeat earnings would be a much-needed driver for equities after a roaring…
