Hope of Rate Cuts Propel Stocks at Open
May 06,2024 10:17 am EST
U.S. stocks rose Monday, with Wall Street looking to build on the previous session's strong gains, after new jobs data revived hopes of the Federal Reserve cutting interest rates.
The Dow Jones Industrials barreled 144.63 points to start trading at 38,820.31.
The S&P 500 moved ahead 31.49 points to 5,159.25.
The NASDAQ collected 102.31 points to 16,258.64.
Micron shares gained more than 3% after Baird upgraded the stock to outperform from neutral and said it sees “meaningful opportunities ahead” for shares.
On Saturday, Warren Buffett's Berkshire Hathaway reported a nearly 40% surge in year-over-year operating earnings for the first quarter. Berkshire also held its annual shareholder meeting.
While the peak of the first-quarter earnings season has passed, investors are still watching key companies set to report this week, including Dow member Disney on Tuesday and Uber on Wednesday.
Prices for the 10-year Treasury jumped, lowering yields to 4.50% from Friday's 4.50%. Treasury prices and yields move in opposite directions.
Oil prices gathered 71 cents to $78.82 U.S. a barrel.
Gold prices were better by $28.40 to $2,337.
Currencies