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.

The S&P 500 hit a high on Trump trade deals. Tesla fell late as Elon Musk sees "rough quarters." Google rose on earnings.

This article will be updated throughout the day, so check back often for more daily updates. The Vanguard S&P 500 ETF (NYSEMKT: VOO) is looking like it wants to hit a new all-time high today as shares rise 0.

Wednesday’s report follows Alphabet’s better-than-expected Q1 release earlier this year, in which the company reported year-over-year growth of 12% and 49% for its top and bottom lines, respectively, after Google’s search unit generated more in sales than analysts projected.

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.

Trump’s tariffs continue to affect markets and corporate earnings. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

Live Updates Live Coverage Updates appear automatically as they are published. Stocks Drop Near the End of Trading 4:10 pm Stocks lost momentum near the end of trading with the Dow Jones closing down slightly while the Nasdaq posted the best gains among major indexes.

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Capital One Financial is scheduled to announce its results on July 22, representing its first earnings report since finalizing the acquisition of Discover in May.