US Stocks Rise At Week’s Start, Tesla Rebounds, SoFi, Lucid Shine: What’s Driving Markets Monday?
By Benzinga
Wall Street witnessed slight gains at midday on Monday, with investors eagerly awaiting a series of critical earnings reports, the Federal Reserve’s meeting on Wednesday and the much-anticipated job market report this Friday.
This week’s significant tech earnings include reports from Microsoft Corp. (NYSE:MSFT), Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Advanced Micro Devices Inc. (NASDAQ:AMD) on Tuesday, followed by Qualcomm Inc. (NASDAQ:QCOM) on Wednesday, and Apple Inc. (NASDAQ:AAPL) and Amazon.com Inc. (NASDAQ:AMZN) on Thursday.
Both the S&P 500 and Nasdaq 100 saw modest increases, rising by 0.1% and 0.3%, respectively, while the Dow Jones Industrial Average remained broadly steady. Small-cap stocks outperformed their large-cap counterparts, with the Russell 2000 Index climbing 0.5%.
Tesla Inc. (NASDAQ:TSLA) emerged as a notable performer among mega-cap stocks, rebounding 2.4% after a 12% decline last week.
In the bond market, Treasury yields slightly decreased, leading to gains in fixed-income securities. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) experienced a 0.8% increase.
In commodities, gold prices, as tracked by the SPDR Gold Trust (NYSE:GLD), rose by 0.5%. Crude oil prices fell by 1.6% despite escalating tensions in the Middle East, following a statement from the White House regarding Iran-backed militants’ attack on U.S. troops in Jordan, with President Joe Biden vowing a response.
Bitcoin (CRYPTO: BTC) experienced a notable surge, rising 2.3% to reach $43,000.
Monday’s Performance In Major Indices, ETFs
| Major Indices | Price | Change (%) |
|---|---|---|
| Russell 2000 | 196.84 | 0.4% |
| Nasdaq 100 | 17,480.46 | 0.3% |
| S&P 500 | 4,896.79 | 0.1% |
| Dow Jones | 38,072.47 | -0.1% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.1% higher to $487.95, the SPDR Dow Jones Industrial Average (NYSE:DIA) edged 0.1% lower to $380.73 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 0.3% to $424.06, according to Benzinga Pro data.
Sector-wise, the Consumer Discretionary Select Sector Fund (NYSE:XLY) outperformed, up 0.7%, aided by Tesla. The Energy Select Sector Fund (NYSE:XLE) underperformed, down 1.1%.
Monday’s Stock Movers
- Tesla rose 2.4% after the company announced capital expenditures to exceed $10 billion in 2024 and ranging between $8 and $10 billion for each of the following two fiscal years, aimed at next-generation vehicles and AI products.
- Lucid Group Inc. (NASDAQ:LCID) experienced a 20% surge in its stock value following rumors suggesting the company’s luxury electric vehicle might be selected for the next James Bond film.
- SoFi Technologies Inc. (NASDAQ:SOFI) saw its stock climb more than 17% after reporting better-than-expected revenue and profits in the fourth quarter.
- Bloom Energy Corp. (NYSE:BE) fell over 8% after Bank of America downgraded the company from Neutral to Underperform, lowering the price target.
- Amazon.com Inc. and iRobot Corp. (NASDAQ:IRBT) announced a deal termination. Shares of the retail giant increased by 1%, whereas iRobot experienced a decline of over 7%.
Photo via Shutterstock.
