Wall Street’s major market averages have ticked up on Monday after last week’s heavy dose of selling. The benchmark indices have climbed as investors wait for further earnings data this week by the mega cap giants.
The blue-chip Dow (DJI) has climbed 0.3%, the benchmark S&P 500 (SP500) has gained 0.4%, and the tech focused Nasdaq Composite (COMP:IND) picked up 0.5%.
From a sector point of view, nine of the 11 S&P segments are higher with Info Tech and Financials at the top of the leaderboard. At the same time the two worst performing sectors on the session are Communication Services and Materials.
“In equity markets all eyes will be on earnings with a whopping 178 of the S&P 500 reporting including four of the Magnificent Seven,” said Deutsche Bank’s Jim Reid.
Tesla (TSLA) is expected to report after the bell on Tuesday, Meta (META) is slated for Wednesday post close, while Alphabet (GOOGL) and Microsoft (MSFT) are scheduled for Thursday.
In terms of earnings today, Verizon (VZ) slips even as Q1 earnings top estimates and Truist Financial (TFC) cut its 2024 revenue guidance.
Looking towards the Treasury market and yields have noticed some downward moves. The shorter end U.S. 2 Year Treasury yield (US2Y) declined by 3 basis points to 4.95%. At the same time, the longer end U.S. 10 Year Treasury yield (US10Y) moved lower by 1 basis point to 4.61%.
See how other yields trade across the entire yield curve here.
On the commodities front, gold (XAUUSD:CUR) fell more than 2% as worries eased over a wider Middle East conflict, trimming safe-haven demand for the metal.
Furthermore, the economic calendar was light. The Chicago Fed National Activity for March arrived at +0.15 versus the forecasted +0.09 level.
Traders are also keenly waiting for the key inflation report, PCE price index for March, which is due on Friday.