S&P Tries to Snap 6-Day Skid
April 22,2024 12:29 pm EST
The S&P 500 rose Monday as Wall Street tried to rebound from a pullback last week, with tensions in the Middle East easing. Traders also looked ahead to the release of major tech earnings.
The Dow Jones Industrials jumped 178.96 points to move into noon hour EDT to 38,165.36
The much-broader index moved upward 30.09 points to 4,997.32.
The NASDAQ Composite gained 107.27 points to 15,307.26.
The moves higher come ahead major earnings this week, with the focus on “Magnificent Seven” tech companies. Chipmaker and artificial intelligence favorite Nvidia climbed 2.2%, rebounding from a nearly 14% sell-off last week. Arm Holdings also rebounded more than 5% Monday.
Companies including Tesla, Meta Platforms, American Airlines, Microsoft and Alphabet are all set to report in the week ahead. Tesla reports after the bell Tuesday and Facebook parent Meta is on deck Wednesday, while Intel and Microsoft report Thursday.
U.S. crude prices fell more than 1% after Iran said it will not escalate the conflict with Israel. Investors had been concerned higher oil prices could contribute to inflation, leading the Federal Reserve to hold off on cutting rates.
There is some potentially bigger news in the back part of this this week, with GDP due out on Thursday and a key inflation reading on Friday, when the Commerce Department reports personal consumption expenditures price index data for March. The PCE deflator is the Fed's preferred inflation gauge.
The Fed meets again April 30-May 1, with officials now in the quiet period ahead of the meeting.
Prices for the 10-year Treasury inched higher, lowering yields to 4.62%. Treasury prices and yields move in opposite directions.
Oil prices picked up 21 cents to $83.35 U.S. a barrel.
Gold prices fell $64.10 to $2,349.00 U.S. an ounce.
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