shares of Alibaba Group Holding Ltd (9988.HK) Tesla Inc (TSLA.O) rose 3.3% after Canaccord Genuity upgraded the electric-car maker's shares to "buy," saying the company could become "the brand" in energy storage. The S&P 500 briefly broke above its record high set on Friday, before slipping into negative territory.Īt 1:50 p.m. That would be the biggest quarterly gain since 2018, when tax cuts under former President Donald Trump boosted profit growth. S&P 500 earnings are expected to have jumped 25% in the quarter from a year ago, according to Refinitiv IBES data. consumer price data for March, due Tuesday, could drive Treasury yields higher. economy was at an "inflection point" with expectations that growth will pick up speed in the months ahead, but he warned that a hasty reopening could lead to a continued increase in coronavirus cases. "The optimism is improving now that these banks are going to return to normal, with buybacks and dividends, and because of the outlook for Treasury yields, they are going to have a better outlook going forward," said Ed Moya, senior market analyst at OANDA.įederal Reserve Chair Jerome Powell said on Sunday the U.S. Goldman Sachs (GS.N), JPMorgan (JPM.N) and Wells Fargo (WFC.N) will be the first to report first-quarter earnings, giving a new catalyst to either buy or sell off stocks in a record-high market. The financials index (.SPSY) hit a record high ahead of big Wall Street names kicking off earnings season on Wednesday. Today we see the opposite, so it is profit taking," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.Īmong the 11 major S&P 500 sector indexes, communication services (.SPLRCL) and energy (.SPNY) shares were the steepest decliners. "We are seeing a little bit of a reversal from last week where the tech sector was strong, the financials and energy were weak. Stocks sold off after strong gains in recent days that were driven by a pullback in the benchmark 10-year bond yield from 14-month highs.
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