S&P 500 Soars to 15-Month Peak

Wall Street exhibited upward momentum on Monday as investors eagerly awaited updates on the earnings of major US companies. The S&P 500 reached its highest closing level in 15 months, rising 0.4% to 4,522.79. Similarly, the Dow Jones Industrial Average gained 0.2% (76.32 points) to reach 34,585.35, while the Nasdaq composite climbed 0.9% (131.25 points) to settle at 14,244.95. In contrast, global stocks experienced a decline after China reported weaker-than-expected economic growth for the spring season. The country’s recovery following the easing of anti-COVID measures has fallen short of predictions.

According to the AP, the upcoming week will provide more insights into the impact of the economy on companies as the corporate earnings season gains momentum. Nearly 60 companies in the S&P 500 are scheduled to release their profit reports for the period from April to June. Expectations are generally low, with analysts forecasting a significant drop in earnings per share for S&P 500 companies, the largest since the pandemic hit the economy in spring 2020. In addition, analysts anticipate a third consecutive quarter of profit declines. This week will also bring the latest monthly update on sales at US retailers.

The market witnessed the rise of several major technology and high-growth stocks on Monday, including Tesla, which saw a 3.2% increase. Tesla also announced that its first production Cybertruck electric pickup has finally rolled off the assembly line, albeit nearly two years behind schedule. Activision Blizzard also had a successful day, rising 3.5% after a US appeals court rejected regulators’ attempt to block Microsoft’s $68.7 billion acquisition of the video game maker. Conversely, Ford experienced a 5.9% decline after reducing the sticker price of its F-150 Lightning electric pickup by thousands of dollars. (Read more stock market stories.)