STOCK MARKET TODAY: HOPES OF RATE CUTS SEND DOW HIGHER
U.S. markets closed higher to kick off a new earnings-heavy week, with the Dow Jones Industrial Average gaining 175 points, or about half-a-percent, for its fourth straight day in the green.
The S&P 500 and Nasdaq were each up about 1%.
Monday's trading followed a sharp rise in stocks on Friday, after the April jobs report came in weaker than expected, adding to hopes that the Federal Reserve could start cutting rates later this year. The bullish sentiment kept the rally going on Monday — helped along by the Berkshire Hathaway annual meeting held over the weekend — as investors prepared for another batch of corporate earnings.
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Consumer and media stocks are the big names to watch this week, with Disney on Tuesday among the most anticipated. Uber and Airbnb are scheduled for Wednesday, and Warner Bros. Discovery follows on Thursday.
Palantir, which makes data analytics software used by the U.S. military, was due to kick things off with results after the bell on Monday, with the stock popping 8% in anticipation of a strong quarter. Investors will be particularly attuned to what CEO Alex Karp says about its Artificial Intelligence products.
Earnings Highlights To Watch This Week
- Monday: Palantir, Minute Maid parent J&J Snack Foods, Tyson Foods, electric-vehicle maker Lucid
- Tuesday: Disney, Ferrari, Electronic Arts, Telefonica, BP
- Wednesday: Toyota, Uber, Airbnb, Shopify
- Thursday: Honda, ING, Warner Bros. Discovery, Warner Music Group
- Friday: Canadian energy multinational Enbridge, Soho House