U.S. Stocks Aim to Break Losing Streak Amid Earnings Rush
After a six-day losing streak, U.S. stocks are poised to make a comeback on Monday. At noon trading in New York, major indices were all trading higher, indicating modest gains. Investors are gearing up for a week packed with pivotal earnings reports from major corporations, including Visa, Tesla, Meta, Microsoft, and Alphabet.
Easing geopolitical tensions in the Middle East have provided a boost to market sentiment, while simultaneously putting downward pressure on key global commodities. Gold plunged 2.5% to $2,330 per ounce, its most significant single-day decline since June 2022. Silver followed suit, tumbling 5% in its worst daily performance since last October. Oil prices, however, remained relatively stable, erasing early session losses, with West Texas Intermediate (WTI) light crude trading at $82 a barrel.
Positive risk sentiment aided Bitcoin, with the largest cryptocurrency rising above $66,000 and on track for its highest close in over a week.
Monday’s Performance in Major U.S. Indices and ETFs
| Index/ETF | Price | 1-day %chg |
|—|—|—|
| Russell 2000 | 1,975.07 | 1.2% |
| S&P 500 | 5,013.74 | 0.9% |
| Nasdaq 100 | 17,199.55 | 0.9% |
| Dow Jones | 38,300.54 | 0.8% |
| SPDR S&P 500 ETF Trust (SPY) | $500.03 | 1% |
| SPDR Dow Jones Industrial Average (DIA) | $383.02 | 0.8%% |
| Invesco QQQ Trust (QQQ) | $417.03 | 1% |
| iShares Russell 2000 ETF (IWM) | N/A | 1.2% |
Monday’s Stock Movers
* Ford Motor Co. (F) rose over 5%, emerging as the top performer within the S&P 500.
* Wolfspeed Inc. (WOLF) surged nearly 10% following reports of activist investor involvement.
* Informatica Inc. (INFA) saw a decrease of over 8% amid acquisition discussions news.
* Coinbase Global Inc. (COIN) rose over 5% alongside the broader cryptocurrency market rebound.
* Cardinal Health Inc. (CAH) experienced a 5% decline following a contract expiration announcement.
* Newmont Corporation (NEM) tumbled over 3% as gold prices fell.
