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Market snapshot

So far, so good for earnings reports

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A sharp drop in Apple’s stock pulled the Nasdaq down after the tech giant warned of weaker sales. Other indexes eked out slight gains. One reason for the market’s recent rise is that some of the biggest obstacles have been pushed aside, said Brian Gendreau, a market strategist at Cetera Financial Group. On Wednesday, the US House agreed to suspend the federal borrowing limit. ‘Politics is off the table for now and Europe seems like it’s stable. So what’s left? It’s earnings,’ he said. Of the 134 big companies in the S&P 500 that reported through Thursday morning, 85 have beaten Wall Street’s estimates, according to S&P Capital IQ.

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