People walk around the New York Stock Exchange in New York
The New York Stock Exchange opened higher on Monday at the start of a week that promises to be stormy with the results of some of the largest American companies scheduled for Tuesday, Thursday and Friday as well as a series of economic indicators.
In early trading, the Dow Jones index gained 238.12 points, or 0.57%, to 42,352.52 points and the broader Standard & Poor’s 500 rose 0.52% to 5,838.52 points.
The Nasdaq Composite took 0.71%, or 131.34 points, to 18,649.95 points.
With just over a week to go before the US presidential election and with employment data due on Friday, investors are being relatively cautious.
“There will be plenty of testing of markets’ nerves with the raft of indicators due this week, including jobs data on Friday, and corporate earnings, with five of the ‘Magnificent Seven’ due to report results. Meanwhile, the US election campaign, which promises to be tight, will enter its home stretch,” said Jim Reid, strategist at Deutsche Bank.
The “Magnificent Seven” are the largest American companies by market capitalization. Alphabet, which owns Google, Microsoft, Meta, Apple and Amazon are due to release their results this week, while Tesla already released its results last week, sending the stock up 22%.
Separately, U.S. PCE data for September, which gauges personal consumption spending and is the Federal Reserve’s preferred index for gauging the country’s economic health, is due Thursday.
On the values side, Boeing lost 1.7% after launching a share issue to raise funds.
As the presidential election approaches, stocks linked to Donald Trump are advancing: Trump Media and Technology climbs by 8.4%, Phunware by 7% and Rumble by 11.8%.
American Airlines advances 4% after Citigroup raised its price target on the stock.
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(Written by Pauline Foret)
