Stock Market Update

[BRIEFING.COM] The Nasdaq Composite (+1.5%) holds a modest advantage over the S&P 500 (+1.2%) and the DJIA (+1.1%).

Sector strength remains strong, with all eleven S&P 500 sectors trading in positive territory.

Though there are no mega-cap names reporting earnings this week, it is still a busy week from an earnings perspective, with several names already benefitting.

Wayfair (W 72.43, +7.21, +11.1%) trades sharply higher today after reporting its Q2 results this morning. This home furnishings retailer reported an EPS beat of $0.54, its largest beat in 7 quarters. Revenue grew 5% year-over-year to $3.27 billion, which marks its highest growth rate since early 2021.

Just as encouraging, after not providing quarterly revenue guidance last quarter, Wayfair provided Q3 revenue guidance, with revenue expected to grow low-to-mid single digits. Revenue has been down low single-digits to flat year-over-year over the last six quarters, so investors are encouraged to see that management is confident in maintaining current growth.

Tyson Foods (TSN 54.60, +2.06, +3.9%) also posts a gain today after beating EPS expectations by $0.11 and raising its FY25 revenue outlook.