Stocks moved sharply higher in early trading Monday as the market aims to recover from a steep decline at the end of last week fueled by renewed concerns about tariffs and the health of the economy.
The Dow Jones Industrial Average (DJI) and S&P 500 (SPX) were recently up 0.8% and 1%, respectively, while the tech-heavy Nasdaq Composite (IXIC) jumped 1.4%. The major indexes tumbled on Friday after the July jobs report showed that the labor market was far weaker than previously known and President Donald Trump issued an executive order imposing higher tariffs on dozens of trade partners. The benchmark S&P 500 index, which had its worst week since mid-May, is now riding a four-day losing streak after closing at record highs for six consecutive days.
The calendar for economic data is light this week, but the schedule for earnings reports remains busy, highlighted by scheduled releases from McDonald’s (MCD), Disney (DIS), Eli Lilly (LLY), Novo Nordisk (NVO), Advanced Micro Devices (AMD), Uber Technologies (UBER) and Palantir Technologies (PLTR).
Shares of data analytics software provider and AI investor favorite Palantir, which is due to report after today’s closing bell, were up more than 3% in early trading Monday.
Mega-cap technology stocks were up across the board. Nvidia (NVDA), Microsoft (MSFT), Apple (AAPL), Alphabet (GOOG), Meta Platforms (META), Broadcom (AVGO) and Tesla (TSLA) were each up about 2%, while Amazon (AMZN) rose slightly. Amazon, Apple, Meta and Microsoft all released their quarterly results last week, with each of the tech giants topping Wall Street’s estimates.
The yield on the 10-year Treasury, which affects borrowing costs on all sorts of loans, notably mortgages, holding steady at 4.22% this morning. The yield closed at its lowest level in three months on Friday as market expectations for an interest rate cut by the Federal Reserve increased following the weak employment report.
The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, fell 0.5% to 98.69, losing ground for the second straight day.
Bitcoin was at $114,800, up from about $113,500 on Friday afternoon, when the digital currency hit its lowest level in three weeks
West Texas Intermediate futures, the U.S. crude oil benchmark, dropped 2.6% to $65.55 per barrel this morning, falling for the fourth straight session. Gold futures, which surged Friday as some investors turned to the traditional safe haven, were up another 1.1% to $3,435 an ounce.
