SPX: S&P 500 Logs Fresh All-Time High in Sixth Week of Gains. Tesla Earnings Loom

Tesla is on deck to report quarterly performance this week and the broad-based S&P 500 is crushing records even as earnings are still quiet.

• The S&P 500 index ticked up to a new all-time high Friday as investors kept bidding higher and higher on the back of positive earnings results. America’s biggest and brightest companies are now lining up to show the world how they performed during the past three months. So far, so good — bank stocks kicked up the tempo from the get-go, helping the Dow Jones Industrial Average to also hit a record close on Friday.
• Netflix NFLX was perhaps the biggest story of last week’s earnings roll. The streaming giant drove the S&P 500 to its sixth straight winning week. Apple AAPL joined the upside push when Bloomberg reported that iPhone 16 sales in China have surged 20% in the first three weeks since launch. The news fueled hopes that languishing growth in the Asian economy might be picking up momentum.
• Next up — Tesla TSLA is about to deliver its quarterly figures on Wednesday after the closing bell and markets couldn’t be more divided. After the company held its widely anticipated robotaxi event, looking more like showbiz than actual biz, investors dumped the stock for the lack of details over production, safety and revenue. Now, Tesla must defend its moat by posting at least $25.4 billion in revenue and 48 cents in earnings per share for net income of $1.68 billion.