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The S&P 500's economically sensitive cyclical sectors like consumer staples, energy and materials outperformed Big Tech stocks meaningfully on Monday, as stellar earnings reports have again focused traders' attention on the reopening trade.

Where it stands: The Dow rose 0.7%, with the S&P up 0.3% while the Nasdaq fell 0.5%. Major names like Amazon, Alphabet, Facebook and Microsoft all ended lower, despite each of those companies reporting strong earnings for Q1.

  • Chipmakers also fell, with the Philadelphia SE Semiconductor index down by 1.2%.
  • "We’ve seen a slight change in the pace of value stocks outperforming growth stocks year-to-date," Rod von Lipsey, managing director at UBS Private Wealth Management, told Reuters.

The intrigue: Just over 60% of S&P 500 companies have now reported first quarter results, and it's looking like a spectacular earnings season.

  • Earnings are on pace to grow 45.8% for Q1, up from an expected 24.5% at the start of earnings season and a 15.8% forecast at the start of the quarter, according to FactSet's Earnings Insight report.
  • Further, a record 86% of companies so far have surpassed consensus EPS expectations, well above the 77% one-year average.
  • Companies are beating earnings expectations by nearly 23%, better than the 14.5% one-year average positive surprise rate and the second-highest rate on record.

Go deeper

Uber beats Q2 expectations and turns a rare profit

Illustration: Lazaro Gamio/Axios

Uber posted an unexpected profit for the second quarter, and beat analyst expectations with revenue of $3.9 billion and earnings per share of $0.58.

Why it matters: Uber benefited from unrealized gains of $1.4 billion and $471 million from its stakes in Didi and Aurora, respectively—just two of the ride-hailing company's portfolio of such investments.

Ben Geman, author of Generate
Aug 4, 2021 - Energy & Environment

Big Oil has big problems despite rising profits

The just-concluded Big Oil earnings season highlighted two things at once: The sector's on far more solid footing than last year, but still faces big headwinds.

Driving the news: BP's stock rose 7% Tuesday after it reported a $2.8 billion Q2 profit after losing $6.7 billion that period last year, and announced higher dividends and new share buybacks.

Austria approves COVID vaccine mandate for adults

A vaccination center installed at the Barbara Chapel of St Stephen's Cathedral in Vienna, Austria. Photo: Alex Halada/AFP via Getty Images

Austria's lower house of parliament voted on Thursday in favor of making COVID-19 vaccinations compulsory for most adults from next month.

Why it matters: The bill is expected to soon pass the upper house and be signed by President Alexander Van der Bellen in order for the law to take effect Feb. 1, per Reuters. It'd make Austria the first EU nation to impose such a sweeping mandate.