U.S. equities finished higher on Monday as investors looked ahead to a jam-packed week of corporate earnings results and monitored updates on the trade front. The Dow added 57 points. The S&P 500 advanced 0.7%, climbing above the 3,000 level and within 1% of its all-time high. The Nasdaq Composite jumped 0.9% as Apple reached a new intra-day record high.
President Trump reiterated trade negotiations with China were progressing, while White House economic advisor Larry Kudlow indicated December tariffs could be withdrawn if the talks continue to go well. This followed Chinese Vice Premier Liu He’s comments over the weekend that the U.S. and China have made “substantial progress” on trade. Brexit developments also garnered attention, after lawmakers in the U.K. decided to delay a vote on Prime Minister Boris Johnson’s new deal. Treasuries weakened, with the yield on the benchmark 10-year note adding five basis points to 1.80%.
Nine of 11 S&P 500 sectors ended the day in positive territory. The Energy group paced the gains with Halliburton jumping 5.8% after the oil field services giant matched Wall Street profit estimates but had revenue that came in slightly below expectations. In other corporate news, Teva Pharmaceuticals gained 9.0% after the drug maker along with three other companies reached a last-minute settlement to avoid trial in Ohio regarding the opioid crisis. Boeing’s 3.6% decline weighed on the Dow. Shares of the jet maker fell after being the subject of multi-analyst downgrades amid continued scrutiny over its 737 MAX planes.
In commodities, WTI crude declined 0.5% to $53.51/barrel. COMEX gold lost 0.4% to $1,482.40/ounce.