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Cyclicals or growth? While the two industries continue to battle over who will lead the market higher, both sectors appear to be doing quite well as investors head into the second half of the year. The major averages rallied on Friday, all finishing the day up about 1% to reach fresh all-time highs after a volatile week.  The movement comes before the second quarter earnings season.  Profits of S&P 500 companies are expected to be up 65% from the same quarter a year ago.  It would also be the strongest earnings growth since Q4 of 2009.

 

Companies begin reporting their second quarter profits this week. Things really kick off tomorrow, when Goldman Sachs, JPMorgan Chase and PepsiCo publish their earnings before the market opens.  Some soft economic data recently spooked the market, and analysts expect corporate profits to moderate in the coming quarters. Still, the jump in S&P 500 earnings for the full year is expected to rival the strongest in recent history. And business leaders seem confident that their companies are coming out of the pandemic in much better shape than expected.

 

In a sign of the Didi chilling effect, ByteDance Ltd., the Chinese owner of popular short-video app TikTok, put on hold indefinitely its intentions to list in the US after government officials purportedly told the company to focus on addressing data-security risks.  The Beijing-based social-media giant, last valued at $180 billion in a funding round in December, had been weighing an initial public offering of all or some of its businesses in the U.S. or Hong Kong, according to people familiar with the company’s plans.
 

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