- U.S. stocks have made a comeback from last week’s losses, with the S&P 500, Dow Jones Industrial Average, and the Nasdaq composite all seeing gains.
- Technology stocks and bank stocks, buoyed by better than expected profits from Truist Financial and others, led the way in this recovery.
- Despite a price cut announcement from Tesla, the overall market performance remained strong, with around 150 companies in the S&P 500 set to report earnings this week.
U.S. stocks rebound from last week’s losses, led by technology and bank stocks, despite Tesla’s price cut announcement. This week, around 150 companies in the S&P 500 are set to report earnings.
U.S. Stocks Bounce Back
Following last week’s losses, U.S. stocks have made a significant recovery. The S&P 500 rose 0.9% on Monday, recovering more than a quarter of last week’s rout. The Dow Jones Industrial Average also saw an increase of 0.7%, and the Nasdaq composite jumped 1.1%.
Technology and Bank Stocks Lead the Way
Technology stocks led the way in this recovery as yields stabilized in the bond market. Bank stocks also saw a strong performance, following better than expected profits from Truist Financial and others. These gains helped offset a drop for Tesla, which announced more cuts to prices over the weekend.
Upcoming Earnings Reports
Tesla is one of roughly 150 companies in the S&P 500 set to report its earnings this week. The anticipation of these reports may have contributed to the market’s performance on Monday. The S&P 500 rose 43.37 points, or 0.9%, to 5,010.60. The Dow Jones Industrial Average rose 253.58 points, or 0.7%, to 38,239.98. The Nasdaq composite rose 169.30 points, or 1.1%, to 15,451.31. The Russell 2000 index of smaller companies rose 19.82 points, or 1%, to 1,967.47.
Conclusion
In conclusion, U.S. stocks have made a significant recovery from last week’s losses, led by technology and bank stocks. Despite a price cut announcement from Tesla, the overall market performance remained strong. This week, around 150 companies in the S&P 500 are set to report earnings, which may influence market performance in the coming days.
