U.S. stocks rose on Monday after a sharp selloff as investors looked ahead to a major week of events with the Federal Reserve’s latest policy decision and Apple’s ( AAPL ) earnings on the calendar.
The benchmark S&P 500 Index (^GSPC) rose about 0.7% after officially entering correction territory on Friday, while the Dow Jones Industrial Average (^DJI) jumped about 0.8%, or more than 250 points, after losing over 350 points at your level, last close.
The tech-heavy Nasdaq Composite Index (^IXIC) also rose about 0.8% after a weak week amid mixed Big Tech earnings results.
Eyes are now on the US central bank and Apple, the largest company in the S&P 500 index, which are expected to improve sentiment after several difficult months for the stock market. The US employment report for October, which will be released on Friday, is also being closely watched.
The jump in the Fed’s preferred inflation rate raised expectations that policymakers would maintain their “higher for longer” stance and keep interest rates unchanged in their Wednesday decision.
Read more: What the pause in Fed interest rate increases means for bank accounts, CDs, loans and credit cards
Apple is scheduled to report its quarterly results Thursday after the market close, with particular focus on the impact of China’s moves to restrict iPhone use.
Meanwhile, investors are considering what McDonald’s earnings on Monday say about an American consumer that has proven resistant to high borrowing costs. The burger giant beat third-quarter earnings estimates as higher menu prices spurred sales growth.
In commodities, benchmark oil prices fell as Israel’s launch of a campaign in Gaza eased fears that the conflict would escalate across the Middle East, seen as encouraging investors to return to markets. West Texas Intermediate futures (CL=F) lost 1.8% to end at $84.01 a barrel, while Brent futures (BZ=F) lost 1.5% to settle around $87.86 a barrel.
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ANDStock markets open higher
Stocks opened higher on Monday, with all three major indexes posting gains, kicking off a busy trading week.
The S&P 500 (^GSPC) rose about 0.8% after officially entering correction territory on Friday. The Dow Jones Industrial Average (^DJI) also rose 0.8%, or more than 250 points, after losing more than 350 points at the last close, while the tech-heavy Nasdaq Composite Index (^IXIC) rose almost 0.9%. .
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KStock futures rise after sharp sell-off
Major U.S. stock indexes were on track to gain at the opening after the S&P 500 officially entered correction territory last week. Investors now expect a boost from the Fed’s decision and Apple’s earnings later in the week.
Dow Jones Industrial Average futures (^DJI) rose 0.66%, or 212 points, while S&P 500 futures (^GSPC) rose 0.64%. Futures on the tech-heavy Nasdaq 100 (^NDX) rose 0.65%.
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