Stocks increased on Monday as traders ignored an increase in Treasury yields and anticipated a flood of corporate earnings announcements.
The Dow Jones Industrial Average increased by 335 points, or 1%, on the market. Each of the S&P 500 and Nasdaq Composite increased by 1.1%.
Nike increased by more than 2% on Monday, driving the Dow higher. The session saw gains in all 11 S&P 500 sectors.
With 11% of the S&P 500 expected to report results this week, the earnings season is heating up. This week’s significant companies include Tesla, Netflix, Bank of America, and Johnson & Johnson.
These outcomes reflect a strong beginning to the reporting season. After exceeding Wall Street’s estimates for earnings per share in the third quarter, brokerage Charles Schwab increased more than 4% on Monday. Following the release of their most recent quarterly results, JPMorgan Chase, Wells Fargo, and UnitedHealth climbed on Friday.
Some on Wall Street are preparing for further volatility as we approach the end of the year due to rising rates, rising oil costs, sticky inflation, and Middle Eastern turmoil. But according to Barclays analyst Ajay Rajadhyaksha, a focus on profitability and what the Federal Reserve will do with interest rates can provide investors hope in the near future.
Source (CNBC)
