#usastocksrose Monday, recovering after clocking two straight weeks of steep losses on a #technology rout and waning expectations of interest rate cuts.
At 06:25 ET (10:25 GMT), #Dow Jones Industrial Average rose 115 points, or 0.3%, S&P 500 rose 22 points, or 0.5%, while NASDAQ Compositerose 105 points, or 0.7%.
Big tech earnings eyed
The benchmark stock indices struggled last week, hit by weakness in the tech sector as sticky inflation resulted in expectations of Federal Reserve rate cuts being delayed to later in the year.
This sector will remain in the focus this week, given the upcoming quarterly earnings from some of Wall Street’s biggest tech titans.
Four of the so-called Magnificent Seven stocks are set to report earnings this week, with #Tesla on Tuesday, Facebook-owner Meta #Platforms (NASDAQ:META) on Wednesday, followed by Microsoft (NASDAQ:MSFT) and #Google-owner Alphabet (NASDAQ:GOOGL) on Thursday.
#Tesla stock fell over 4% ahead of its earnings after the EV manufacturer announced fresh price cuts in several key markets, including China and Germany, days after similar reductions in the United States, risking a fresh electric vehicle price war.
Elsewhere, Verizon Communications (NYSE:VZ) stock rose 2% after the telecoms giant said it lost fewer-than-expected wireless subscribers in the first quarter thanks to its flexible plans and streaming bundles offering discounted pricing.
Salesforce (NYSE:CRM) stock rose 2.5% after the business software maker backed away from its talks to acquire data-management software firm Informatica (NYSE:INFA), down 5.5%, after the two companies could not agree on terms.
PMIs, PCE inflation awaited as rate cut bets wane
#Markets were also awaiting a string of readings this week for more cues on the U.S. economy, especially amid waning expectations for a June rate cut by the Federal Reserve.
Purchasing managers index data for April is due later in the week, and will provide more cues on U.S. business activity.
More closely watched will be PCE price indexdata – the Fed’s preferred inflation gauge – which is due later in the week. The reading is also expected to show that inflation remained sticky in March.
Crude slips as Middle East tensions wane
#Crude prices fell Friday, extending the prior week’s losses amid growing hopes that the Iran-Israel conflict will not escalate further, reducing the chances of major disruptions to supplies from this oil-rich region.
By 09:35 ET, the U.S. crude futures traded 1.4% lower at $81.06 a barrel, while the Brent contract dropped 1.3% to $86.14 per barrel.
Both benchmarks fell around 3% last week, posting their biggest weekly loss since February, after Iran downplayed Israel’s retaliatory drone strike on its soil, indicating that an escalation of hostilities in the Middle East might be avoided.
Rising U.S. crude inventories are also pressuring the market, while reports emerged on Friday that the International Monetary Fund expects OPEC+ to begin increasing oil output from July.
OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day until the end of June.
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