Stocks finished higher Monday as investors anticipate a jam-packed week of corporate earnings results. The Dow gained 17 points, while the S&P 500 added 0.3%. The Nasdaq Composite was up 0.7%. This follows Friday’s session in which the S&P 500 and Nasdaq capped their worst weekly performance since May amid mixed earnings reports and contradictory Fed remarks.
Technology shares paced gains Monday, with the sector jumping 1.2% on strength in semiconductor companies. Micron Technology advanced 3.7% following an analyst upgrade, while Apple rallied 2.3% after the iPhone maker was the subject of a street target price increase. In earnings, Halliburton surged 9.2% after the oil field service company exceeded consensus profit estimates, citing positive international growth. Market participants will digest corporate earnings results from more than 25% of the S&P 500 this week, including closely watched FAANG cohorts Amazon, Facebook, and Google parent Alphabet.
On the data front, Friday’s preliminary second-quarter GDP figure will garner attention ahead of next week’s FOMC policy decision. This morning’s release of the Chicago Fed National Activity Index came in below expectations. Treasuries finished little changed, with the yield on the 10-year note flat at 2.05%. In commodities, WTI crude climbed 1.1% to $56.22/barrel on concerns of supply disruptions in the Middle East after Iran seized a British tanker last week.
In geopolitical news, a U.S. trade delegation is reportedly traveling to China next week to resume face-to-face negotiations. Domestically, Congress and the White House are nearing the completion of a two-year federal budget and debt ceiling deal.