Stellar earnings last week appear to show that the turmoil in Washington "doesn't seem to matter," investment strategist Simeon Hyman from ProShares Advisors.
"We have a little over half the companies reporting so far. We have 6 percent top-line growth and double-digit earnings growth," Hyman said. "This type of earnings growth is more than enough to support current valuations levels."
U.S. stock index futures were higher Monday as investors kept their focus on earnings reports. The Dow Jones industrial average is riding a four-day win streak and coming off a record close. S&P 500 and Nasdaq have fallen for two straight sessions but are positive for the month.
Tech company Apple is scheduled to disclose its earnings results on Tuesday, with analysts expecting big things, including profit from its iconic iPhone.
Hyman spoke the week after investors witnessed drama coming out Washington. President Donald Trump said Friday that Reince Priebus was out as White House chief of staff and that John Kelly, a retired Marine general, will succeed him.
Senate Republican also failed to pass a "skinny" Obamacare replacement bill.Despite failing to pass, Trump and members of his administration told Republicans to stick with trying to pass a health-care bill.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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