The US stock market indexes hurried forward early Tuesday morning as Q2 earnings season is continuing to make a bullish mark on the market. The Nasdaq advanced 1%, as the S&P 500 and Dow Jones added between 0.6 and 0.7% respectively. Meanwhile small caps lagged with the Russel 2000 only up 0.2%
Volume rose on both major exchanges around the same time on Monday.
Meanwhile, Europe’s markets are also continuing to rally with earnings news, manufacturing data and some optimism bleeding in from the Asian markets. Bench mark indexes in Frankfurt and Paris were both well up over the 1% mark and China’s markets rallied strongly on Tuesday, lifting the Shanghai Composite out of bear market status.
Google’s parent company, Alphabet, soared up almost 5%, the company reported their Q2 earnings after close on Monday evening. Alphabet’s earnings came in 10% over the Street’s consensus estimate. They also saw a significant revenue increase of 26% which was almost 3% higher than analysts had expected.
Companies that will be reporting before Tuesday’s open include Biogen (BIIB), from the medical sector and TransUnion (TRU) from the finance sector.
Biogen beat out the Street’s consensus target on earnings growth by 11%. The company also had a rise in revenue of 15%, which was 3% higher than anticipated. This biotech group is a market leader. Heading into Tuesday’s session they were ranked number 14 among 197 industry groups. Biogen is now in the number 5 as they are climbing the ladder at a dizzying rate.
Meanwhile, TransUnion’s earnings came in 5% above expectations, with a revenue growth of 19% which was 4% higher than expected.
Today’s market leaders included specialty steel stocks, internet content and metal ore miners, while the laggards consisted of household appliances.
In the household appliance group, Whirlpool (WHR) gapped down 13% in torrid volume. The company’s Q2 results were hurt by President Trump’s steel and aluminum tariffs.