Stock Market Today: S&P 500 Hits High After Verizon Earnings
The Nasdaq also notched a new high on Monday, while the Dow finished with a marginal loss.
Stocks opened higher Monday but lost steam into the close. With little in the way of economic data, market participants turned to a busy earnings calendar and, for the most part, liked what they saw.
Verizon Communications (VZ), for one, jumped 4.0% after the wireless provider reported higher-than-expected earnings and revenue for the second quarter. The company also raised the lower end of its full-year earnings forecast.
And on Verizon's earnings call, Chief Financial Officer Tony Skiadas said the telecom is lifting its free cash flow guidance to reflect, in part, "an estimated benefit of $1.5 billion to $2 billion from their recently enacted [One Big, Beautiful Bill] tax legislation."
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Verizon's post-earnings gain made it the best Dow Jones stock today. All in all, the blue chip Dow Jones Industrial Average swung lower into the close, shedding 0.04% to end at 44,323.
Meanwhile, the broader S&P 500 (+0.1% at 6,305) and tech-heavy Nasdaq Composite (+0.4% at 20,974) each notched a new record closing high on Monday.
Cleveland-Cliffs CEO joins Team Trump
Elsewhere on the earnings calendar, Cleveland-Cliffs (CLF) surged 12.5% after the steelmaker reported a bottom-line beat on in-line sales in Q2 due in part to higher steel prices.
In early June, the Trump administration raised tariffs on steel and aluminum imports to 50% from 25%, with exceptions for the United Kingdom.
These tariffs "have played a significant role in supporting the domestic steel industry," said Cleveland-Cliffs CEO Lourenco Goncalves on the company's earnings call.
Goncalves also took time to give his two cents on interest rates, joining President Donald Trump's calls for substantial rate cuts – and a new Fed chair.
The CEO said that even with the production of automobiles increasing in the U.S., the steel-reliant industry is still lagging. However, Goncalves believes it "will take off again" once the central bank starts cutting interest rates, making it more affordable for folks to buy cars.
And "despite no signs of tariffs reigniting inflation, the Federal Reserve continues to keep interest rates unnecessarily high," he said.
Goncalves added that "once [Fed] Chairman Jerome Powell is gone," interest rates will come down and "the automotive sector will take off again."
Block becomes the newest S&P 500 stock
In non-earnings news, Block (XYZ) gained 7.2% after S&P Global tapped the payments processor to be the newest S&P 500 stock.
Block will replace energy stock Hess (HES), which was acquired by oil major Chevron (CVX), on the S&P 500 ahead of the opening bell this Wednesday, July 23.
Being added to the broad-market index is a big deal for a stock because "many trillions of passive dollars are invested in products that track the S&P 500," says Kiplinger contributor Dan Burrows.
Indeed, the Vanguard S&P 500 ETF (VOO), the largest ETF in the world, has nearly $683 billion in assets under management.
CFRA Research analyst Caydee Blankenship thinks Block's inclusion "underscores the widespread adoption of digital payments and highlights how the fintech industry has successfully transformed traditional banking models."
She also believes that fintechs "will benefit from friendly regulation from the Trump administration, creating growth opportunities across the entire digital payments ecosystem." This includes the Genius Act, which creates a regulatory framework for stablecoins.
Related content
- Kiplinger's Economic Calendar: This Week's Reports and Results
- What Will the Fed Do at Its Next Meeting?
- The Dollar Index Is Sliding. Is Your Portfolio Prepared?
-
5 Investment Opportunities in 2026As investors game-plan for the year ahead, these five areas of the equity markets deserve their attention.
-
How Verizon’s Free Phone Deals WorkWhat shoppers need to know about eligibility, bill credits and plan costs.
-
Does Your Car Insurer Need to Know All Your Kids? Michigan Cases Raise QuestionWho you list on your policy matters more than most drivers realize, especially when it comes to who lives in your home.
-
Are You Overlooking These 5 Investment Opportunities in 2026?
As investors game-plan for the year ahead, these five areas of the equity markets deserve their attention.
-
Are Roth Conversions for Retirees Dead in 2026 Because of the New Tax Law?The OBBBA's permanent lower tax rates removed the urgency for Roth conversions. Retirees thinking of stopping or blindly continuing them should do this instead.
-
Worried About Retirement? 4 Tasks to Calm Your Nerves and Build Confidence, From a Retirement ProIf you're feeling shaky about your finances as you approach retirement, here are four tasks to complete that will help you focus and steady your nerves.
-
Financial Success Isn't Just About What You Save, But Who You Trust: Who's in Your Driver's Seat?For financial success in 2026, look beyond the numbers to identify the people who influence your decisions, then set them realistic expectations
-
Small Caps Can Only Lead Stocks So High: Stock Market TodayThe main U.S. equity indexes were down for the week, but small-cap stocks look as healthy as they ever have.
-
How the Stock Market Performed in the First Year of Trump's Second TermSix months after President Donald Trump's inauguration, take a look at how the stock market has performed.
-
If You're in the 2% Club and Have a Pension, the 60/40 Portfolio Could Hold You BackIncome from your pension, savings and Social Security could provide the protection bonds usually offer, freeing you up for a more growth-oriented allocation.
-
Bye-Bye, Snowbirds: Wealthy Americans Are Relocating Permanently for Retirement — and This Financial Adviser Can't Fault Their LogicWhy head south for the winter and pay for two properties when you can have a better lifestyle year-round in a less expensive state?
