US Stock Market Today: S&P 500, Dow Rise As Wall Street Expects Strong Earnings
The US stock market rose on Monday amid expectations of strong quarterly results this week, and a likely end to the government shutdown in the United States. Minutes into the trade, the Dow Jones Industrial Average rose 194 points or 0.45%, whereas S&P 500 also rose over 0.62% while Nasdaq was up 0.83%.
Big Names to Announce Earnings
The big names to announce their earnings include Netflix, Coca-Cola, Tesla and Intel Co.
This comes after a volatile week of trading amid flaring tensions between the US and China. However, Wall Street ended last week with gains on the back of strong start to the third-quarter earnings season.
Sectoral Indices
In the early minutes of trading, 10 of the 11 sectoral indices were trading in green. Energy and Industrial sectors led the advance, while consumer staples were the only sector in red.
Apple. Inc., Salesforce Inc. and Boeing Co. were amongst the gainers for the day. On the other hand, Nvidia Corp., Coca-Cola Co. and Oracle were in the red.
Expert Insights
Rick Gardner at RGA Investments told Bloomberg the next big test may be big tech earnings as investors will be looking for more clarity on how spending on artificial intelligence is leading to profitability.
Morgan Stanley’s Michael Wilson told Bloomberg that there needs to be follow through on a US-China deal and stability in earnings revisions to clear the risk of a further correction in stocks.
Commodities and Currencies
As the US market opened on Monday, spot gold rose 1.5% to $4,315.60 an ounce. Crude oil prices fell, with the West Texas trading 1.4% lower at $56.71 per barrel.
The Bloomberg Dollar Index was little changed along with the British Pound at $1.3419 and the Japanese yen at 150.67 per dollar.
Bitcoin, the largest traded cryptocurrency was up 1.7% at $110,787.69.
Impact on Indian Markets
The US stock market’s performance has a significant impact on the Indian markets, including the Nifty and Sensex. Indian investors and traders should keep a close eye on the US market trends and earnings reports to make informed investment decisions.
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