Markets performed well to start a new trading week, following two down-days to close out the previous week, on forward outlooks for coming quarterly earnings reports that appear fairly promising.
Stocks closed broadly lower for the second day in a row Friday as Wall Street gave back some of its gains from a mostly solid July rally. The S&P 500 fell 0.6% and ended the week with its first weekly loss in four weeks. Stocks also sank across Asian and European markets.
Shares fell in Asia on Tuesday as skepticism set in about the recent upward momentum in global markets given rising confirmed coronavirus cases and percolating tensions between the U.S. and China. The White House’s decision to reject nearly all Chinese maritime claims in the South China Sea added to investor jitters. The world’s two largest economies have been sparring over everything from the pandemic to human rights.