HUGE Day for Q2 Earnings 💰

The Dow added 0.2% in another positive day for U.S. stocks. The Nasdaq followed suit with a 0.2% gain of its own, and the S&P 500 added 0.1%, while the small-cap Russell 2K outperformed with a 1.0% gain.

Today, S&P 500 futures contracts are down 0.2% in early premarket trading, so we may be headed for a lower open.

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📉 Weak Earnings Outlook Threatens Rally

The stock market has performed well as of late, despite red flags that corporate profits are on the decline. S&P 500 companies are on pace to log a 7% decline in Q2 earnings compared to last year, which would mark the largest single-year dropoff since Q2 2020, the peak of the COVID-19 pandemic.

Arista Networks [ANET] - Last Close: $155.09

Strong earnings are boosting shares of Arista Networks.

The cloud networking company reported its Q2 results late Monday, and the numbers are getting a warm reception from investors in today's premarket.

Arista generated EPS of $1.58 on revenues of $1.46 billion, topping the consensus of $1.44 EPS on $1.38 billion in sales.

Both figures also represented substantial increases from the previous year. Arista's Q3 revenues guidance also surpassed the Street's expectations.

ANET is leading the S&P 500 with a 13.5% gain in today's premarket.

My Take: ANET is coming off a pullback, but it's currently trading close to its pre-sell off price. However, it's facing stiff resistance around the $176 mark, and it hasn't broke through just yet.

My Take: This news doesn't directly pertain to AMSC, but it's the most likely explanation for today's rally. It might be too early to bet the barn on this one, but I am adding it to my watchlist.

My Take: I don't trust these gains. SNMP is treading thin ice after such a large gain, and I am quite confident that we'll see a pullback at some point this week.

Agriforce Growing Systems [AGRI] - Last Close: $0.1301

An analyst upgrade is lifting shares of Agriforce Growing.

Early this morning, Refinitiv/Verus analysts upgrade AGRI from "sell" to "hold" without naming a price target on the stock.

Agriforce also announced a business update late last week that may be contributing additional momentum to today's rally.

AGRI is one of today's top sotcks with a 33.7% gain on active trading volume.

My Take: AGRI has had a rough run this year, but it may have already hit its bottom.

Merck [MRK] ... AM
Pfizer [PFE] ... AM
Caterpillar [CAT] ... AM
Uber [UBER] ... AM
Eaton [ETN] ... AM
Altria Group [MO] ... AM
Marriot Intl. [MAR] ... AM
Vertex Pharma [VRTX] ... PM
Starbucks [SBUX] ... PM
Advanced Micro Devices [AMD] ... PM