The Nasdaq was off a 10-day winning streak, its best since February 2015, after closing at record levels Thursday.
“If tech earnings were to disappoint, it might finally be the thing that causes a correction, even if it’s a small one,” J.J. Kinahan, chief market strategist at TD Ameritrade, told Reuters.
According to Thomson Reuters, second quarter earnings are expected to climb 8.6%, or better than the 8% rise projected at the start of the month.
Related: No Summer Break as U.S. Stocks Keep Climbing Higher
David Lefkowitz, senior equity strategist at UBS Wealth Management Americas, said earnings figures have so far been generally solid, the Wall Street Journal reports.
“The initial read here looks pretty favorable,” Lefkowitz told the WSJ . “There are always pockets of strengths and weakness within earnings season, but overall it’s been more strength than weakness.”
For more information on the markets and U.S. Stock ETFs, visit our S&P 500 category.