US Markets
Monday, October 16th, 2023 1:59 pm EDT
Key Points
- Stock Market Performance: Stocks experienced a rise on Monday as investors prepared for a wave of corporate earnings reports. The Dow Jones Industrial Average increased by 250 points (0.6%), the S&P 500 climbed by 0.7%, and the Nasdaq Composite advanced by 0.6%.
- Earnings Season: Earnings season is in full swing, with 11% of the S&P 500 set to report results. Notable companies, including Johnson & Johnson, Bank of America, Netflix, and Tesla, are expected to release their earnings this week. Several companies have already reported positive results, such as Charles Schwab, JPMorgan Chase, Wells Fargo, and UnitedHealth.
- Market Outlook: Some on Wall Street anticipate increased volatility towards the end of the year due to rising yields, oil prices, inflation concerns, and conflicts in the Middle East. However, a focus on earnings and the Federal Reserve’s stance on interest rates offers short-term optimism for investors. Bond volatility and Middle East tensions are seen as potential challenges for risky assets but may be offset by positive earnings and dovish statements from the Federal Reserve.
Stocks saw an increase on Monday as investors prepared for a wave of corporate earnings reports and monitored Treasury yields. The Dow Jones Industrial Average rose by 250 points (0.6%), the S&P 500 climbed by 0.7%, and the Nasdaq Composite advanced by 0.6%.
Tech giants like Intel, Microsoft, and Cisco led the gains in the Dow. The best-performing sectors in the S&P 500 were consumer discretionary and financials.
Earnings season is in full swing, with 11% of the S&P 500 scheduled to report results. Upcoming reports include Johnson & Johnson, Bank of America, Netflix, and Tesla. This follows a positive start to the earnings season, with companies like Charles Schwab, JPMorgan Chase, Wells Fargo, and UnitedHealth surpassing Wall Street expectations.
While some on Wall Street anticipate increased volatility due to rising yields, oil prices, and ongoing Middle East conflicts, the focus on earnings and the Federal Reserve’s interest rate decisions offers short-term optimism, according to Barclays analyst Ajay Rajadhyaksha.
Amidst international developments, Israel continued urging residents to evacuate northern Gaza in anticipation of a ground invasion, while the U.S. Senate Majority Leader, Chuck Schumer, pledged to expedite a military aid package to support Israel in its battle with Hamas.
The 10-year U.S. Treasury yield increased, and oil prices dipped as investors monitored updates from the ongoing conflict.
In the previous week, the S&P 500 had a second consecutive positive week with a 0.5% gain, while the Dow Jones Industrial Average rose by 0.8%. However, the Nasdaq Composite fell by 0.2% for the week and experienced a 1.23% decline during Friday’s session, while the S&P dipped by 0.5%, and the Dow inched up by 0.12%.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/15/stock-futures-today-live-updates.html
