Wall Street's reliance on a small number of high market-value stocks to keep momentum going for the U.S. equities bull market will be tested in coming days as major technology and growth companies report earnings.

US stocks closed mixed Tuesday, but the benchmark S&P 500 (^GSPC) was able to eke out a new record as Wall Street digested a new batch of earnings, including a tariff warning from General Motors (GM),

These massive stocks generally have higher valuations. The top 10 stocks have an average price-to-earnings ratio of about 26 times, compared to 20 times for the rest of the S&P 500, said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.

Texas Instruments shares are sliding more than 12% after the semiconductor company beat earnings expectations but delivered what analysts considered [downbeat comme

Stock futures were mostly flat on Tuesday (July 22), following record closes for the S&P 500 and Nasdaq Composite in the previous session. Futures linked to the S&P 500 hovered just below the flatline,

With Wall Street's surge to record highs, the U.S. stock market looks nearly as expensive as ever, and investors are debating whether the lofty valuations are a bearish signal or justified by the technology-heavy market's profit outlook.

Reaction has been fairly quiet, an ominous sign that much of the good news is priced in — and investors are punishing disappointments

JP Morgan is the bellwether as the US’s largest bank. It is expected to boost its net interest income target for this year, as it benefits from elevated interest rates in the US, and profit growth from loans could top 3% in Q2. This may be dwarfed by trading revenue, which some analysts expect to have surged by 8%.

US Stock Market's strength will be tested as earnings season heats up. Momentum for the industrials sector and the broader market will be in focus with a heavy upcoming week of second-quarter earnings,