US stock indexes inched to more records Monday to kick off a week full of profit updates from big US companies.
- The S&P 500 rose 8.81 points, or 0.1%, to 6,305.60 and squeaked past its prior all-time high set on Thursday.
- The Dow Jones Industrial Average fell 19.12 points, or less than 0.1%, to 44,323.07.
- The Nasdaq composite rose 78.52 points, or 0.4%, to 20,974.17, adding to its own record.
Verizon Communications helped lead the way and rose 4% The telecom reported a stronger profit for the latest quarter than analysts expected, along with higher revenue than forecast, the
AP reports. Following the strong performance, Verizon raised its forecasts for profit and other financial measures for the full year.
Cleveland-Cliffs rallied 12.5% after the steel producer reported a smaller loss for the spring than analysts expected. It shipped a record 4.3 million net tons of steel during the quarter, and CEO Lourenco Goncalves said the company has begun to see "the positive impact that tariffs have on domestic manufacturing." It's a major supplier to the auto industry, and Trump's tariffs steer companies hoping to sell cars in the United States toward steel made in the country. Other companies, though, are navigating the downsides and complications of tariffs, which raise prices on all kinds of things imported to the United States. That includes General Motors, which will report its latest profit results later this week, along with such market heavyweights as Alphabet, Coca-Cola, and Tesla.
Block, Jack Dorsey's company behind Square, Cash App, and other tech brands, jumped 7.2% in its first trading after learning it will join the widely followed S&P 500 index. It will take the place of Hess, which Chevron bought, before trading begins on Wednesday. Sarepta Therapeutics fell 5.4%, continuing a drop that began after the Food and Drug Administration said Friday that it asked the company to voluntarily stop all shipments of its gene therapy for Duchenne muscular dystrophy due to safety concerns.
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