Stocks back off from recent record highs, as tech notches another big milestone this week.
The Standard & Poor’s 500 index rose 0.5% to 2472.54 last week, while the Nasdaq Composite gained 1.2% to 6387.75. “Earnings season gives us something tangible to evaluate,” says Edward Perkin, chief equity investment officer at Eaton Vance Management. Some 97 S&P-500 companies have reported second-quarter earnings so far, and 74% have topped analyst expectations, according to Thomson Reuters I/B/E/S, above the four-quarter average of 71%.
Quarterly earnings show that General Electric’s new chief will have a tough time meeting lofty expectations for 2018