00:00The S&P 500 and the Nasdaq closed a lower on Wednesday, July 22, with a mixed performance from technology
00:06stocks
00:07as investors waited for key earnings reports to gauge the health of market rally Fed by enthusiasm for artificial intelligence.
00:14After months of gains that lifted the major indexes from their March lows,
00:18momentum has been wobbling with uneven trading in heavyweight semiconductor stocks and weakness in software stocks.
00:26The Philadelphia SE Semiconductor Index ended higher after bouncing off earlier losses.
00:32The index was angling for its third straight day of gains after three days of losses that had confirmed it
00:39was in the bear market last week.
00:41Investors were preparing for second quarter results from Alphabet and also Tesla,
00:45the first of the so-called magnificent seven mega cap companies,
00:49to report after the bell for the fresh evidence that these companies' multi-billion dollar investments in AI are paying
00:57off.
00:57Trading was choppy in the Alphabet, which will be under scrutiny after a delay in the launch of Model Central
01:03to its AI ambitions.
01:05Texas Instruments also due to report after the close ticked higher during the sessions.
01:10S&P 500 lost 10.72 points or 0.14% to end at 7,498.48 points,
01:20while the Nasdaq Composite lost 146.30 points or 0.57% to 25,690.90.
01:29The Dow Jones Industrial Leverage lost 6.06 points or 0.01% to 52,218.58.
01:39The crowded earnings calendar leaves market vulnerable to sharper swings this week,
01:43while geopolitical tensions added in a delay of caution.
01:47The one thing that has been pretty constant here for the past four or five months for the stock market
01:54has been strong earnings.
01:56And certainly the first quarter brought us about 26%, 27% earnings growth.
02:00So far in the second quarter, we're seeing it about 16% to 17%.
02:05That's without some of the big names that have reported in the second quarter yet.
02:11We're going to have big names like NVIDIA.
02:13We're going to have big names like Micron reporting in September.
02:16It's a couple months away, of course.
02:18But, you know, we're going to have some of these companies out there that are probably going to report some
02:22stellar earnings.
02:25And it's really been the linchpin for keeping the stock market afloat right now.
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