Fresh highs today would result in a six-day win streak on Wall Street and the latest slew of earnings could be enough to power the next leg of the journey. Industrial heavyweights General Electric and 3M reported this morning, beating estimates, but the presentation will quickly turn into a tech show after the close. Apple is expected to post impressive results as demand remained strong for its 5G iPhones. Google parent Alphabet is meanwhile set to benefit from a recovery in ad spend and don't forget to look out for other tech earnings like Microsoft and AMD.
Shares of Tesla are positive after better-than-expected Q2 earnings after the bell yesterday. Not only did the company mark the eighth straight quarter of profit, The EV maker produced 206,421 cars in Q2 (+151% Y/Y).
Sweeping crackdowns across China are continuing to send shockwaves across financial markets, with investors finding themselves in the firing line of some of the nation's hottest sectors. Shares of Tencent fell 10% on Monday after Beijing ordered the company to give up exclusive music licensing rights, food delivery companies were also targeted, while education stocks are in freefall amid a ban on for-profit tutoring. In fact, the Nasdaq Golden Dragon China Index - which tracks 98 of China's largest firms listed in the U.S. - dropped 8.5% on Friday and another 7% on Monday, marking the biggest two-day selloff since '08