1. Home
  2. Markets Updates
  3. Tech Giants' Earnings in Focus as S&P 500 Peaks

Tech Giants' Earnings in Focus as S&P 500 Peaks

24 July 2024

Share the article:

image - 2024-07-23T145312.448.png

Past performance is not indicative of future results. All historical data, including but not limited to returns, volatility, and other performance metrics, should not be construed as a guarantee of future performance. 

S&P500 Cash Index 
Source: Trading view 4H Chart 

On Monday, Wall Street indices traded higher, with the tech sector leading the charge. Semiconductor stocks rebounded after last week's sell-off, boosting the S&P 500 and Nasdaq-100. Things are heating up for tech stock traders as we enter a crucial phase of the Wall Street earnings season, with Big Tech companies set to release their reports.   

Yesterday, Alphabet and Tesla released their Q2 financials, causing a jolt in the markets. These announcements, along with others, are continuing to influence market sentiment. 

Gold retreats from all time high 

Gold prices have experienced a modest pullback from their recent all-time highs but continue to trade above the crucial $2,400 per ounce level. This consolidation phase followed a period of strong gains which saw the price of the commodity reached a high of over $2480.  

Currently the price is down around 3% from that high and as political uncertainty continues to increase, we could be seeing a rise in volatility not just in commodities like gold but in most markets.  

GBPUSD falls below 1.29 for the first time in around 2 weeks 

Following the recent elections in the UK which saw a landslide victory for the Labour party, the GBP gained almost 2.5% breaking above the key 1.30 resistance for the first time in a year. It seems investor confidence increased significantly as many viewed the previous Tory government unstable and unpredictable.  

Yesterday, we saw a pullback on the GBPUSD pair, which fell below the 1.29 level. While part of the movement was driven by USD strength, it remains possible for things to change in the short term as 1.29 could prove to be an important support/resistance level. 

IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Related articles

Brent on the Boil: Oil Rallies as Geopolitical Heat Fuels Bullish Breakout
19 June 2025
Oil markets are heating up as Brent crude breaks out above major moving averages. Discover the key levels, risks, and drivers behind the latest price rally.

Read more

NAGA Weekly Recap June 9 - 13, 2025
13 June 2025
Catch up on this week’s market moves: strong U.S. jobs data lifted sentiment, but inflation risks and stalled trade talks kept investors cautious. Tech led gains, oil climbed, and the dollar slipped. Read the full financial recap for June 9–13, 2025.

Read more

Gladys Eguia

Top Economic Events to Watch | June 9 - 13, 2025
10 June 2025
Get the latest CPI, Core CPI, and PPI data insights for June 2025. Discover how this key inflation data could impact markets and your trading strategy.

Read more

Gladys Eguia