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Stocks rose on Monday, a week before the company’s highly anticipated earnings report.
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Tesla will release its report on Tuesday, and Meta is expected to report this Wednesday.
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The stock market has been volatile as the outlook for interest rate cuts dims, with stocks falling from record highs in March.
Stocks rose early in the week as investors focused on big earnings announcements.
Traders are looking to recover from last week’s steep declines and looking for new catalysts for fresh gains as markets adjust to the prospect of fewer or no rate cuts in 2024. ing.
“Stock markets are in pretty rough shape. All major indexes are well below their 50-day moving averages. NVIDIA and other tech leaders are no longer resisting the sell-off, but are starting to lead the decline.” wrote market veteran Ed Yardeni. The note added that last week’s big losers were chipmakers like Nvidia, which were the driving force behind the stock rally between October and March of last year.
Investors are set to digest Tesla’s proceeds on Tuesday, but dark clouds loom ahead of the announcement. The stock has fallen about 40% since the beginning of the year, and Wall Street is losing confidence in the company’s goal of robotaxis and self-driving technology at the expense of cheaper cars.
Meta is scheduled to report earnings on Wednesday, and the names of other mega-tech companies and the rest of the Magnificent Seven are also expected to be announced in the coming weeks.
Bond yields rose again on Monday after the two-year bond briefly rose above 5% last week for the first time since November. The 10-year Treasury note rose 2 basis points to 4.641% at the beginning of the week.
Here are the U.S. indexes immediately after the 9:30 a.m. opening bell on Monday:
Here’s what else is going on:
In Commodities, Fixed Income and Cryptocurrencies:
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West Texas Intermediate crude oil fell 0.4% to $82.77 a barrel. Brent crude, the international benchmark, fell 1% to 86.29 per barrel.
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Gold fell more than 2% to $2,350 an ounce.
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The yield on the 10-year U.S. Treasury rose 2 basis points to 4.641%.
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Bitcoin rose 2% to $66,176.
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