A wave of strong second quarter earnings is giving major stock indexes an early lift. The SPDR S&P 500 ETF Trust and Invesco QQQ Trust are both trending higher, reflecting renewed optimism around corporate performance. Tech ETFs XLK and IYW are outperforming, while select chip funds showed more cautious moves. Shares of Ameresco and ThredUp jumped double digits thanks to robust results, while Semrush slid on weaker guidance. Outside of company news, traders are eyeing mixed commodity prices and fresh economic indicators - all while bitcoin and crypto-adjacent ETFs ticked up slightly, adding to the market's overall cautious optimism.

Tech and consumer names are setting the pace, with earnings giving select ETFs the edge even as industrials and health care lag. Individual winners like Ameresco and ThredUp stand out, but the overall move is measured, with investors closely watching for surprises that could shake up sentiment or steer sector leadership as results roll in.

The bigger picture: Macro data sets the seasonal tone.

Earnings aren't the only factor: traders are also weighing international trade data and sector indexes, as well as shifts in commodities and crypto. The mix signals that investors are parsing not just company numbers, but how broader economic signals could steer the market through the rest of the summer.