US stocks advanced on Monday, with the Dow Jones rising, as traders looked forward to a busy week with headline inflation data and the start of earnings season.
The main event of the week will be US consumer price data, scheduled for Wednesday. Earnings season will also begin, with PepsiCo and Delta Air Lines scheduled to report on Thursday and a slew of financial companies including JPMorgan and BlackRock on Friday.
In the afternoon in the market movement:
Stocks rose. The Dow Jones Industrial Average posted modest gains, while the S&P 500 and the high-tech Nasdaq Composite rose into positive territory. The three indices fell last week.
Big tech companies have been a weakness. Shares of Microsoft, Apple and Alphabet fell about 1.2% or more. Meta Platforms has been outperforming its peers, juggling small wins and losses as new thread micro-blogging service surpasses 100 million sign-ups.
US Treasury yields fell After last week’s steep climb. The yield on the benchmark 10-year Treasury note fell below 4% – recently settling at 3.992%, according to Tradeweb, after closing at 4.047% on Friday.
Federal Reserve officials continued to prepare investors for higher interest rates. Cleveland Fed President Loretta Mester said Monday that rates will “need to go up” before they can remain stable for a while, citing a stronger-than-expected economy.
Shares of Icahn Enterprises are up nearly 20%. After the newspaper reported that Carl Icahn had terminated loan agreements that itemized his personal loans from the trading price of his company’s stock.
Overseas, Chinese stocks have lost ground. Hong Kong’s Hang Seng rose 2.7%, led by technology stocks, before giving back gains after the inflation data. It closed up 0.6%. Other global indices were narrowly mixed. The Stoxx Europe 600 Index rose 0.2%.
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”