US stocks set more records as Verizon begins a big week for profit reports with a beat

NEW YORK (AP) — U.S. stock indexes inched their way to more records on Monday to kick off a week full of profit updates from big U.S. companies.

The S&P 500 rose 0.1% and squeaked past its prior all-time high set on Thursday. The Dow Jones Industrial Average edged down by 19 points, or less than 0.1%, and the Nasdaq composite added 0.4% to its own record.

Verizon Communications helped lead the way and rose 4%. The telecom giant reported a stronger profit for the latest quarter than analysts expected, along with higher revenue than forecast. Following the better-than-expected performance, Verizon raised its forecasts for profit and other financial measures for the full year.

That helped offset a 5.4% drop for Sarepta Therapeutics, which continued to fall after the Food and Drug Administration said on Friday that it asked the company to voluntarily stop all shipments of Elevidys, its gene therapy for Duchenne muscular dystrophy, due to safety concerns.

Block, Jack Dorsey’s company behind Square, Cash App and other tech brands climbed 7.6% in its first trading after learning it will join the widely followed and imitated S&P 500 index. It will take the place of Hess, which Chevron bought, before trading begins on Wednesday.

Cleveland-Cliffs rallied 12.4% after the steel producer reported a smaller loss for the spring than analysts expected. It shipped a record 4.3 million net tons of steel during the quarter, and CEO Lourenco Goncalves said the company has begun to see “the positive impact that tariffs have on domestic manufacturing” and other things.

It’s a major supplier to the auto industry, and President Donald Trump’s tariffs steer companies hoping to sell cars in the United States toward steel made in the country.