New York: US stock The trading week began on a positive note on Monday, buoyed by gains in financial and technology stocks, as investors await the next round of quarterly results this week as earnings season gathers pace.
Companies reporting earnings this week include Tesla and Netflix, while big banks like Bank of America, Morgan Stanley and Goldman Sachs are also set to post results, following reports from peers like JPMorgan and Citigroup last week. ,
Investors will be keeping an eye on the company’s outlook, with earnings expected to decline 8.1% for the quarter, a bigger decline than the 5.7% decline expected at the beginning of the month, according to Refinitiv data.
Stephen Masoka said, “Obviously, we’re going to get all these (earnings) reports, but I feel like earnings are going to be good and at the end of the day, how do you evaluate stocks — in terms of earnings and dividends?” On the basis.” , senior vice president at Wedbush Securities in San Francisco.
“Overall, the market as a whole remains fairly priced, if not cheap. Going forward, my big concern is that the Fed is going to start doing things it doesn’t need to do to win the inflation battle but eventually This will now really start to hurt the economy.”
Equities have rallied recently with the S&P 500 and nasdaq It rose to a 15-month high as economic data pointed to a resilient economy with low inflation and a solid labor market.
Markets broadly expect a 25-basis-point rate hike by the Federal Reserve at its policy meeting next week, with an expectation of 97.3%, according to CME’s FedWatch tool.
Dow Jones The industrial average rose 76.32 points, or 0.22%, to 34,585.35, the S&P 500 rose 17.37 points, or 0.39%, to 4,522.79 and the Nasdaq Composite rose 131.25 points, or 0.93%, to 14,244.95.
The S&P and Nasdaq have advanced in five of the past six sessions.
Tesla gained 3.20% after the company said on Saturday it had built its first Cybertruck after a two-year delay.
In contrast, Ford Motor declined 5.94% after the automaker cut the price of its F-150 Lightning trucks, the latest blow in a deepening price war between electric vehicle makers. Peers General Motors declined 3.13% and Rivian declined 3.34%.
Apple advanced 1.73% after Morgan Stanley raised its target price on the iPhone maker from $190 to $220, citing a bullish outlook on India as an emerging growth driver for the company.
Bank shares recovered from Friday’s declines, with the S&P 500 Bank Index advanced 1.76% and the KBW Regional Bank Index advanced 1.99%.
Activision Blizzard gained 3.49% after Microsoft said it has signed a deal to keep “Call of Duty” running following its acquisition of PlayStation.
In addition, Microsoft was granted a two-month stay on its appeal of the UK ban against the deal in order to give the parties more time to reach an agreement.
AT&T fell 6.69% to a 30-year low after Citi downgraded the telecom operator due to risks associated with buried lead cables in the United States. Shares of Verizon declined 7.50%, hitting their lowest intraday level in nearly 13 years.
Advancing issues outnumber declining issues on the NYSE by a 1.42-to-1 ratio; On the Nasdaq, a 1.75-to-1 ratio favored the advancers.
The S&P 500 posted 60 new 52-week highs and 4 new lows; The Nasdaq Composite recorded 150 new highs and 77 new lows.
Volume on US exchanges stood at 9.54 billion shares compared to the full session’s average of 10.92 billion over the past 20 trading days.
Companies reporting earnings this week include Tesla and Netflix, while big banks like Bank of America, Morgan Stanley and Goldman Sachs are also set to post results, following reports from peers like JPMorgan and Citigroup last week. ,
Investors will be keeping an eye on the company’s outlook, with earnings expected to decline 8.1% for the quarter, a bigger decline than the 5.7% decline expected at the beginning of the month, according to Refinitiv data.
Stephen Masoka said, “Obviously, we’re going to get all these (earnings) reports, but I feel like earnings are going to be good and at the end of the day, how do you evaluate stocks — in terms of earnings and dividends?” On the basis.” , senior vice president at Wedbush Securities in San Francisco.
“Overall, the market as a whole remains fairly priced, if not cheap. Going forward, my big concern is that the Fed is going to start doing things it doesn’t need to do to win the inflation battle but eventually This will now really start to hurt the economy.”
Equities have rallied recently with the S&P 500 and nasdaq It rose to a 15-month high as economic data pointed to a resilient economy with low inflation and a solid labor market.
Markets broadly expect a 25-basis-point rate hike by the Federal Reserve at its policy meeting next week, with an expectation of 97.3%, according to CME’s FedWatch tool.
Dow Jones The industrial average rose 76.32 points, or 0.22%, to 34,585.35, the S&P 500 rose 17.37 points, or 0.39%, to 4,522.79 and the Nasdaq Composite rose 131.25 points, or 0.93%, to 14,244.95.
The S&P and Nasdaq have advanced in five of the past six sessions.
Tesla gained 3.20% after the company said on Saturday it had built its first Cybertruck after a two-year delay.
In contrast, Ford Motor declined 5.94% after the automaker cut the price of its F-150 Lightning trucks, the latest blow in a deepening price war between electric vehicle makers. Peers General Motors declined 3.13% and Rivian declined 3.34%.
Apple advanced 1.73% after Morgan Stanley raised its target price on the iPhone maker from $190 to $220, citing a bullish outlook on India as an emerging growth driver for the company.
Bank shares recovered from Friday’s declines, with the S&P 500 Bank Index advanced 1.76% and the KBW Regional Bank Index advanced 1.99%.
Activision Blizzard gained 3.49% after Microsoft said it has signed a deal to keep “Call of Duty” running following its acquisition of PlayStation.
In addition, Microsoft was granted a two-month stay on its appeal of the UK ban against the deal in order to give the parties more time to reach an agreement.
AT&T fell 6.69% to a 30-year low after Citi downgraded the telecom operator due to risks associated with buried lead cables in the United States. Shares of Verizon declined 7.50%, hitting their lowest intraday level in nearly 13 years.
Advancing issues outnumber declining issues on the NYSE by a 1.42-to-1 ratio; On the Nasdaq, a 1.75-to-1 ratio favored the advancers.
The S&P 500 posted 60 new 52-week highs and 4 new lows; The Nasdaq Composite recorded 150 new highs and 77 new lows.
Volume on US exchanges stood at 9.54 billion shares compared to the full session’s average of 10.92 billion over the past 20 trading days.