U.S. markets closed mixed to start the trading week, with the Dow Jones Industrial Average ending down 19 points, or 0.04%, on July 21 while both the S&P 500 and Nasdaq hit record highs.
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The S&P 500 rose 0.14%, while the Nasdaq Composite jumped 0.38%. Both indexes hit new all-time intraday highs earlier in the session, bolstered by advances in technology names such as Meta Platforms (META) and Amazon (AMZN), which advanced more than 1% each. The benchmark S&P 500 closed above the 6,300 level for the first time, ending the session at 6,305.60.
The rise in the S&P 500 and Nasdaq come as earnings season rolls on and investors prepare for a spate of financial results from big technology companies in coming days. Verizon (VZ) shares popped more than 4% following a second-quarter earnings beat. Companies such as Tesla (TSLA) and Google parent Alphabet (GOOGL) are scheduled to release their second-quarter results in coming days.
Trade and Central Bank Issues
Also continuing to drive the market are trade developments, specifically those related to tariffs. Over the weekend, U.S. Commerce Secretary Howard Lutnick said that Aug. 1 is a “hard deadline” for countries to start paying tariffs, though he added that “nothing stops countries from talking to us after Aug. 1.”
Also in the news are ongoing developments related to U.S. Federal Reserve Chair Jerome Powell and President Donald Trump’s threats to fire him before his term ends in May 2026. U.S. Treasury Secretary Scott Bessent called on July 21 for a full review of the central bank, though details of what such a review would entail were not provided.
Is the SPDR S&P 500 ETF Trust a Buy?
The SPDR S&P 500 ETF Trust (SPY) has a consensus Moderate Buy rating among 504 Wall Street analysts. That rating is based on 428 Buy, 70 Hold, and six Sell recommendations issued in the last three months. The average SPY price target of $684.67 implies 8.49% upside from current levels.
