close
close

The Dow is slipping while the S&P 500 and Nasdaq are reeling from a flurry of gains

The Dow is slipping while the S&P 500 and Nasdaq are reeling from a flurry of gains
Posted on | Posted on angela

Stocks fluctuated on Monday as investors braced for a week of top gains that could propel or delay a record-breaking rally.

The S&P 500 (^GSPC) fell nearly 0.1% to hit a new all-time closing high and its sixth straight weekly gain. The Dow Jones Industrial Average (^DJI) fell nearly 0.2%, while the tech-heavy Nasdaq Composite (IXIC) hovered near zero.

Whether records continue to roll depends largely on the company's results in the coming days. Earnings season heats up this week as over 100 S&P 500 companies are scheduled to report. So far in the third quarter, 80% of the benchmark's updates have exceeded the mark.

Investors are eagerly awaiting Tesla's (TSLA) report on Wednesday after its robotaxi launch fell short of expectations. The electric vehicle maker is the highlight of the week amid questions about Big Tech's performance, even after Netflix's (NFLX) strong start to the megacap season.

General Motors (GM), Coca-Cola (KO), American Airlines (AAL) and UPS (UPS) are among the other big winners on the earnings list this week.

Boeing (BA) faces a double whammy on Wednesday: The company is expected to release its earnings at the same time workers vote on whether to accept a tentative agreement with the union to end a five-week strike. Shares of the aircraft maker rose over 3% in early Monday trading.

Meanwhile, the 10-year Treasury yield (^TNX) climbed over 6 basis points to 4.136%, its highest level since late July.

Oil prices rose as much as 2% while Chinese stocks (000300.SS) rose as China's stimulus programs continued with a cut in interest rates. Global benchmark Brent crude futures (BZ=F) traded at around $74 a barrel, while West Texas Intermediate crude oil futures (CL=F) topped $70, with Israel's The next Iran advance is also in focus.

Live6 updates

  • Apple is on track to close at a new record high

    Apple stock (AAPL) was on track to hit a new high on Monday after closing at a record level on Friday.

    Shares of the iPhone maker rose slightly and settled at around $235.80 each.

    On Friday, the stock closed at a record $235. Apple is up more than 22% year-to-date.

  • Fed Chairman Logan reiterates his strategy of “gradually” lowering interest rates

    Jennifer Schonberger of Yahoo Finance reports:

    Dallas Fed President Lorie Logan reiterated Monday that she expects policymakers to cut interest rates “incrementally.” She cited an increased risk that the labor market could deteriorate and the risk that inflation could rise again.

    “If the economy develops as I currently expect, a strategy of gradually reducing the key interest rate to a more normal or neutral level can help manage the risks and achieve our goals,” Logan said in a speech at the annual meeting of the Federal Reserve Securities Industry and Financial Markets Association meeting in New York.

    Logan said the economy was “strong and stable” but the outlook remained subject to “significant uncertainty.”

    Read more here.

  • Nvidia rises 1% to hit an intraday record high

    Nvidia (NVDA) stock rose more than 1.5% early Monday, helping to mitigate a larger decline in the Nasdaq Composite (^IXIC).

    Shares of the AI ​​chip heavyweight rose above $140 each and briefly hit an intraday high of $141.

    The Nasdaq traded near the zero line while Nvidia rose.

  • Stock prices fall as investors wait for new profits

    Major averages opened slightly lower on Monday as investors awaited fresh gains this week.

    The S&P 500 (^GSPC) fell about 0.2% to hit a new all-time closing high, while the Dow Jones Industrial Average (^DJI) fell 0.1%. The tech-heavy Nasdaq Composite (^IXIC) fell 0.2%.

    New quarterly results will be released this week, including from Tesla (TSLA) on Wednesday. General Motors (GM), Coca-Cola (KO), American Airlines (AAL), and UPS (UPS) are among several other big names on the earnings list this week.

  • Boeing shares rally on tentative labor deal

    Boeing (BA) shares rose as much as 4.5% in premarket trading on Monday after news that the aircraft maker reached a tentative collective agreement with workers who have been on strike for more than a month.

    The contract calls for a 35% pay raise over four years and an increase in Boeing's 401(k) contributions, but does not reinstate pension plans – a key union demand. Analysts estimate the contract could result in $1 billion in additional payroll costs for the company.

    The union will vote on the contract on Wednesday, the same day Boeing reports its quarterly results. Analysts expect the aircraft maker to report a loss per share of $1.50, according to Bloomberg consensus estimates.

    Boeing has been struggling since part of one of its 737 Max 9 planes was torn off during a flight in January. Shares are down over 40% this year.

    Of the Wall Street analysts covering the stock tracked by Bloomberg, about 19 recommend buying the stock, while 11 have a hold rating and three recommend selling. On average, analysts expect Boeing shares to rise to about $192 apiece over the next 12 months, an increase of more than 20%.

  • Good morning Here's what's happening today.

Leave a Reply

Your email address will not be published. Required fields are marked *