Wall Street rises on Big Tech strength

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(Businesshala) – U.S. stock indexes rose on Monday as growth stocks edged higher, brushing off inflation concerns in a third-quarter earnings report from later this week.

FILE PHOTO: A street sign is seen for Wall Street outside the New York Stock Exchange (NYSE) in New York City, New York, US July 19, 2021. Businesshala/Andrew Kelly

Mega-caps Apple Inc., Tesla Inc. and Microsoft Corp. rose between 0.6% and 1%, with eight of the 11 major S&P 500 sector indexes trading higher.

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Sectoral gains were due to energy and materials as commodity prices rose. US oil rose nearly 3% to a seven-year high on fears of high inflation, as the energy crisis gripping major economies showed no signs of easing.

“Inflation looks like it will be here for some time,” said Joshua Mahoney, senior market analyst at IG.

Graphic: S&P 500 vs Energy,

At 10:09 am, the Dow Jones Industrial Average was up 149.94 points, or 0.43%, at 34,896.19, the S&P 500 was up 17.41 points, or 0.40%, at 4,408.75, and the Nasdaq Composite was up 62.08 points, or 0.43%. , at 14,641.62.

Earnings season kicks off with Bank of America Corp., Morgan Stanley and Citigroup Inc. on Thursday, and Goldman Sachs Group Inc. on Friday, with JPMorgan Chase & Co reporting on Wednesday.

“Any earnings loss will probably be due to supply chain disruptions, not being able to get enough products on the shelf, or products sitting in the wrong places or ports,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield. , Connecticut.

Analysts expect S&P 500 companies’ profits to rise 29.6% year-over-year in the third quarter, down from 96.3% growth in the second quarter, according to IBES data from Refinitiv.

All of Wall Street’s main indices posted weekly gains last week, with investors still expecting the Federal Reserve to start buying assets later this year.

After last week’s data showed weaker-than-expected job growth in September, investors are now looking to inflation and retail sales numbers this week, as well as minutes from the Fed’s last meeting that may confirm November’s tapering off. was discussed.

Among individual stocks, Southwest Airlines Co slipped 2.9% on a report that it canceled at least 30% of its scheduled flights on Sunday.

The number of issues issued declined by a 2.09-to-1 ratio on the NYSE and a 1.42-to-1 ratio on the Nasdaq. The S&P index recorded 36 new 52-week highs and four new lows, while the Nasdaq recorded 61 new highs and 66 new lows.

US bond markets were closed on Monday due to a US federal holiday.

Reporting by Shreyashi Sanyal and Devik Jain in Bengaluru; Editing by Arun Koyur and Aditya Sonik

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