Nasdaq, S&P, Dow advance with more earnings, Fedspeak ahead
The major U.S. stock indices rose on Monday, with the Nasdaq up 0.9%, S&P 500 up 0.7%, and Dow up 0.1%, as investors anticipated upcoming corporate earnings and comments from Federal Reserve officials. Nine of the 11 S&P sectors were positive, led by Info Tech and Utilities. SoFi Technologies saw an 8.3% stock increase after a loan agreement, while Boeing's stock fell 2.5% due to workforce cuts and delivery delays.
The major market averages moved higher on Monday as investors showed optimism while gearing up for further corporate earnings reports. In addition to monitoring financial results, market participants are also anticipating key comments from Federal Reserve officials, who are scheduled to speak this week
The tech focused Nasdaq Composite (COMP:IND), leads the way higher by 0.9%. At the same time, the benchmark S&P 500 (SP500) trades in the green by 0.7%, and the blue-chip Dow (DJI) trades higher by 0.1%.
From a sector point of view, nine of the 11 S&P segments find themselves trading in positive territory. The two segments that have advanced the most on the day so far have been Info Tech and Utilities, while Energy has suffered the most.
All is quiet on the Treasury front as the bond market is closed due to the federal holiday of Columbus Day.
On the economic side, Federal Reserve members, Christopher Waller and Fed Minneapolis President Neel Kashkari will speak today. Of all the Fedspeak, Waller today may be the most interesting, given he's traditionally a hawk and is a voter, Reid added.
As for stocks that are on the move, SoFi Technologies (SOFI) stock jumped 8.3% after the digital bank announced a $2B loan platform agreement for personal loans with funds managed by affiliates of Fortress Investment Group.
Going the other way, Boeing (BA) slid 2.5% after unveiling plans to cut its total workforce by ~10% and delay the first delivery of its 777X jet by a year.