The S&P 500 remained unchanged as the market awaited additional earnings reports from major tech firms. The Vanguard S&P 500 ETF reached an all-time high following reports of trade concessions from Japan concerning President Trump, yet showed little pre-market movement. Earnings season is the focus, particularly after Alphabet and IBM's recent Q2 results exceeded expectations. Alphabet indicated a significant investment in capital spending to foster its AI business, while IBM raised its cash flow forecast, emphasizing growth in the tech sector.
Alphabet's Q2 profit was $2.31 per share on sales of $96.4 billion, primarily driven by a 32% year-over-year growth in cloud computing revenue, reaching $13.6 billion.
IBM reported Q2 profits of $2.80 per share and sales of $17 billion, subsequently raising its full-year free cash flow guidance to $13.5 billion.
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