After heavy selling last week, Wall Street's major market averages rose on Monday. Benchmark indexes rose as investors awaited further earnings data from mega-cap stocks this week.
Blue-chip stock Dow (DJI) has climbed 0.1%benchmark S&P 500 (SP500) has earned 0.1%the technology-focused Nasdaq Composite Index (Comp:IND) are trading almost evenly.
From a sector perspective, seven of S&P's 11 segments rank highly, with Financials and Consumer Staples topping the leaderboard. At the same time, his two sectors that performed worst in this session are Communication Services and Materials.
Deutsche Bank's Jim Reid said, “Earnings will be the focus of interest in the stock market, with a whopping 178 stocks in the S&P 500 listed, including four in the Magnificent Seven.'' Ta.
Tesla (TSLA) is scheduled to report after the bell on Tuesday, Meta (META) after Wednesday's close, and Alphabet (GOOGL) and Microsoft (MSFT) on Thursday.
In terms of earnings today, Verizon (VZ) underperformed despite having the highest first-quarter earnings estimate, and Trust Financial (TFC) lowered its 2024 earnings outlook.
Looking at the U.S. bond market, yields are showing mixed movements. The yield on short-term US two-year government bonds (US2Y) fell by 2 basis points to 4.96%. At the same time, the long-term US 10-year Treasury yield (US10Y) rose 2 basis points to 4.64%.
Learn how other yields trade across the yield curve here.
On the commodity side, gold (XAUUSD:CUR) fell more than 2% as concerns about broader Middle East conflict receded, reducing demand for safe gold.
Furthermore, the economic calendar was also light. Chicago Fed national activity for March was +0.15 compared to the expected +0.09 level.
Traders are also eagerly awaiting Friday's release of the key inflation report, the PCE price index for March.