Apr 23, 2024 (MENAFN via COMTEX) --
(MENAFN - Baystreet) S&P Tries to Snap 6-Day Skid
Futures Rise Ahead of Big Week for Tech Stock
NASDAQ Falls for 6th Straight Day
S&P Heads for 6th Straight Loss
Investors Shrug off Israel Attack, Dow Zooms Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Monday, April 22, 2024
Stocks Gain Ahead of Major Week for Techs Advertisment
The S&P 500 rose Monday as Wall Street tried to rebound from a pullback last week, with Middle East tensions easing. Traders also looked ahead to the release of major tech earnings.
The Dow Jones Industrials advanced 89.34 points to open the day and the week at 38,075.76
The much-broader index moved upward 11.44 points to 4,978.67.
NASDAQ gained 23.25 points to 15,307.26.
The moves higher come ahead of a potentially big week for earnings, with the focus on Magnificent Seven tech companies. Chipmaker and artificial intelligence favorite Nvidia climbed 1.5%, rebounding from a nearly 14% selloff last week. Arm Holdings also rebounded more than 4% Monday.
Companies including Tesla, Meta Platforms, American Airlines, Microsoft and Alphabet all set to report in the week ahead. Tesla reports after the bell Tuesday, Facebook-parent Meta is on deck Wednesday, while Apple, Intel and Microsoft all report Thursday.
There is some potentially bigger news in the back part of this this week, with GDP due out on Thursday and a key inflation reading on Friday, when the Commerce Department reports personal consumption expenditures price index data for March. The PCE deflator is the Fed's preferred inflation gauge.
The Fed meets again April 30-May 1, with officials now in the quiet period ahead of the meeting.
Prices for the 10-year Treasury inched higher, lowering yields to 4.64% from Friday's 4.62%. Treasury prices and yields move in opposite directions.
Oil prices dropped 26 cents to $82.88 U.S. a barrel.
Gold prices fell $65.00 to $2,348.80 U.S. an ounce.
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COMTEX_451270558/2604/2024-04-23T04:35:05
