- S&P 500 opened 0.12% higher at 6,923.86 on Monday morning
- Dow Jones rose 0.21% to trade at 49,202.56 after market opened
- Nasdaq Composite was little changed at 23,498.96 early Monday
The S&P 500 and Dow Jones Industrial Average opened higher on Monday as Apple Inc. and Meta Platforms Inc. gained ahead of announcing their quarterly results.
The wider index S&P 500 opened 0.12% higher at 6,923.86, Dow Jones rose 0.21% to trade at 49,202.56, while tech-heavy Nasdaq Composite was little changed at 23,498.96 after the market opened.
As of 11 a.m. EST, S&P advanced 0.59% to 6,955.51, Nasdaq rose 0.62% to 23,648.10 and Dow traded 0.42% higher at 49,306.74.
In the early minutes of trade, Apple traded nearly 2% higher at $252.40, while Meta Platforms Inc. traded 1.33% higher at $667.55. Later, the stocks advanced 2.69% and 1.95% respectively.
“This week's lineup of megacap earnings should help shape sentiment around the AI trade and the still-struggling tech sector, but Wednesday's Fed announcement will likely keep politics in the headlines,” Chris Larkin at E*Trade from Morgan Stanley told news agency Bloomberg.
The other magnificent seven stocks traded mixed, with Tesla Inc. down 2.4% to $438, google-parent Alphabet Inc. trading 1.56% higher at $333.05, Amazon Inc. ticking 0.26% higher to $239.72, Nvidia Corp. trading 0.14% down at $187.49, and Microsoft trading 1% higher at $470.
Investors are also cautious about the the upcoming Federal Reserve meeting wherein Chair Jerome Powell is expected to keep rates steady after back-to-back cuts.
Among the commodities spot gold prices rose nearly 2% to $5,078.67 an ounce, whereas crude oil prices slumped. The West Texas Intermediate traded nearly 1% lower at $60.56 a barrel, while global benchmark brent crude traded 0.60% up at $64.64 a barrel.
The Bloomberg Dollar Spot Index weakened 0.4% against other currencies. The euro rose 0.3% to $1.1868, the British pound rose 0.3% to $1.3678 and the Japanese yen rose 1.2% to 153.86 per dollar.
Bitcoin, the largest traded cryptocurreny, rose 1.1% to $87,461.49.
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