Indexes up Slightly to Start Week

The S&P 500 hovered near the flatline on Monday as Wall Street struggled to maintain its momentum from last week’s strong performance.

The Dow Jones Industrials collected 16.18 points to 34,077.50.

The S&P 500 index gained 4.82 points to 4,363.16.

The NASDAQ hiked 32.26 points to 13,510.54.

Nvidia shares rose more than 1% boosted by optimism for Bank of America ahead of its earnings report. Tesla rose 1% following a Reuters report that the company plans to build electric vehicles at its Berlin factory that will sell for 25,000 euros.

All the major averages are coming off their best weeks of the year, kicking off November trading on a positive note. The Dow ended last week up by 5.1% for its biggest weekly advance since October 2022. The S&P advanced 5.9% in that time, and the NASDAQ jumped 6.6%. It was the best week since November 2022 for both indexes. A soft monthly jobs report also drove bond yields lower, giving a boost to equities.

Earnings season is winding down, with more than 400 S&P companies having already reported quarterly financial results. Investors this week await updates from Walt Disney, Wynn and MGM Resorts, Occidental Petroleum and D.R. Horton.

Prices for the 10-year Treasury swooned, raising yields to 4.65% from Friday’s 4.57%. Treasury prices and yields move in opposite directions.

Oil prices acquired $1.25 to $81.76 U.S. a barrel.

Gold prices skidded $7.70 to $1,991.50.

Source link

About The Author

Scroll to Top