US stocks gain as 2nd-quarter earnings continue to impress investors

trader, NYSE

US stocks gained on Monday as investors continue to be impressed by second-quarter earnings results, with profit growth among S&P 500 companies seeing its fastest rise since 2009.

With more than half of S&P 500 companies having reported earnings, 88% have beaten analyst revenue and profit estimates, according to data compiled by FactSet.

The strong earnings beats has led to analysts increasing their earnings estimates for the third quarter, as consumers continue to propel the economy higher in the ongoing post-pandemic recovery.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

Square fell as much as 5% on Monday after the fintech platform agreed to acquire “buy now, pay later” firm Afterpay for $29 billion in an all-stock deal.

HSBC released earnings results that surpassed profit estimates. The bank lowered its loan loss provisions as the economy continues to stage its recovery from COVID-19.

Oil prices were lower. West Texas Intermediate crude was down as much as 1%, to $73.21 per barrel. Brent crude, oil’s international benchmark, fell 0.9%, to $74.73 per barrel.

Gold fell 0.36%, to $1,810.70 per ounce.

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