The S&P 500 and Nasdaq rose on Monday after a week of early trading led by mixed quarterly results from large technology companies, while Peloton jumped on media reports of interest from potential buyers, including Amazon.
Five of 11 key S&P sectors advanced, with consumer discretionary stocks leading the morning.
The tech-heavy Nasdaq debuted in February after Facebook owner Meta Platforms lost $200 billion from its market value on disappointing results last week, while Amazon.com Inc. Had taken advantage.
Great Hill Managing Member Thomas Hayes said, “The market ended pretty decent last week after a tough January month, so it looks like you surrendered that Monday, and since then the market has been trying to work its way out.” trying.” Capital LLC in New York.
“Higher incomes are helpful in the sense that estimates have finally ticked up.”
Of the 278 companies in the S&P 500 that reported earnings as of Friday, 78.4% reported higher than analysts’ expectations, according to Refinitiv data.
Meatpacker Tyson Foods Inc. climbed 10.3% from higher prices after nearly doubling its first-quarter profit and upping past estimates.
Peloton Interactive Inc jumped 28.4% on media reports that Amazon and Nike are exploring potential buyout offers for the exercise bike maker.
At 09:47 a.m., the Dow Jones Industrial Average was down 70.00 points, or 0.20%, at 35,019.74, the S&P 500 was up 5.66 points, or 0.13%, at 4,506.19, and the Nasdaq Composite was up 104.79 points, or 0.74. %, at 14,202.80.
An unexpectedly strong jobs report last week raised concerns about an aggressive policy tightening by the US Federal Reserve, which is due Thursday ahead of key inflation data for January.
Markets are now pricing in a one in three chance the Fed could raise a full 50 basis points in March and rates are likely to reach 1.5% by the end of the year.
Budget airline Frontier Group Holdings fell 2.9% after agreeing to buy rival Spirit Airlines Inc. in a $2.9 billion deal.
Spirit Airlines rose 15.2%, while other carriers United Airlines Holdings Inc., Delta Air Lines and American Airlines Group Inc. gained about 3%.
US-listed shares of China’s Alibaba Group Holding fell 6.3% after the company recorded an additional 1 billion US depository shares, prompting speculation that it might allow large shareholder SoftBank Group Corp to sell its stake more easily. can.
Advancing issues declined to a 1.42-to-1 ratio on the NYSE and 2.29-to-1 on the Nasdaq.
The S&P index recorded two new 52-week highs and four new lows, while the Nasdaq recorded 18 new highs and 25 new lows.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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