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U.S. stocks closed sharply higher on Monday as investors looked forward to earnings reports from a slew of big tech companies and the Federal Reserve’s monetary policy meeting later this week. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) jumped 0.6% or 224.02 points to finish at 38,333.45 points, registering its sixth record close in 2024.
The S&P 500 rose 0.8% or 36.96 points, to end at 4,927.93 points, also registering its sixth record close this year. Consumer discretionary and tech stocks were the biggest gainers.
The Technology Select Sector SPDR (XLK) gained 0.9%, while the Consumer Discretionary Select Sector SPDR (XLY) advanced 1.5%. The Communication Services Select Sector SPDR (XLC) gained 0.8%. Ten of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq climbed 1.1% or 172.68 points to close at 15,628.04 points, recording its highest close since Jan 3.
The fear-gauge CBOE Volatility Index (VIX) was up 2.56 % to 13.60. A total of 10.3 billion shares were traded on Monday, lower than the last 20-session average of 11.5 billion.
Treasury Department to Borrow Less
Wall Street started on a positive note on Monday after major indexes recorded their third straight weekly gain last week. Monday’s rally gained momentum in the afternoon trading session after the Treasury Department said it plans to borrow less in the ongoing quarter. The Treasury Department expects to borrow $760 billion, which is $55 billion lower than it did in the final quarter of 2023.
This led to a rally in the fund market also sending stocks on a rally. The benchmark 10-year Treasury yield fell 7 basis points on Monday to 4.089%. The 10-year Treasury note had hit a 16-year high in October as investors feared that the Federal Reserve would continue with its interest rate hike regime for a longer period.
However, that fear has subsided considerably as the Federal Reserve has indicated rate cuts this year following a steady decline in inflation.
Investors Await to Corporate Earnings, Fed FOMC Meeting
Investors are also looking forward to the Federal Reserve’s monetary policy meeting later this week, which will give them a clearer picture of future rate cuts.
No major economic data was released on Monday.
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Stock Market News for Jan 30, 2024
U.S. stocks closed sharply higher on Monday as investors looked forward to earnings reports from a slew of big tech companies and the Federal Reserve’s monetary policy meeting later this week. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) jumped 0.6% or 224.02 points to finish at 38,333.45 points, registering its sixth record close in 2024.
The S&P 500 rose 0.8% or 36.96 points, to end at 4,927.93 points, also registering its sixth record close this year. Consumer discretionary and tech stocks were the biggest gainers.
The Technology Select Sector SPDR (XLK) gained 0.9%, while the Consumer Discretionary Select Sector SPDR (XLY) advanced 1.5%. The Communication Services Select Sector SPDR (XLC) gained 0.8%. Ten of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq climbed 1.1% or 172.68 points to close at 15,628.04 points, recording its highest close since Jan 3.
The fear-gauge CBOE Volatility Index (VIX) was up 2.56 % to 13.60. A total of 10.3 billion shares were traded on Monday, lower than the last 20-session average of 11.5 billion.
Treasury Department to Borrow Less
Wall Street started on a positive note on Monday after major indexes recorded their third straight weekly gain last week. Monday’s rally gained momentum in the afternoon trading session after the Treasury Department said it plans to borrow less in the ongoing quarter. The Treasury Department expects to borrow $760 billion, which is $55 billion lower than it did in the final quarter of 2023.
This led to a rally in the fund market also sending stocks on a rally. The benchmark 10-year Treasury yield fell 7 basis points on Monday to 4.089%. The 10-year Treasury note had hit a 16-year high in October as investors feared that the Federal Reserve would continue with its interest rate hike regime for a longer period.
However, that fear has subsided considerably as the Federal Reserve has indicated rate cuts this year following a steady decline in inflation.
Investors Await to Corporate Earnings, Fed FOMC Meeting
Investors are also looking forward to a barrage of earnings reports from big tech companies and other megacaps this week. It is going to be a busy week for earnings as tech giants like Microsoft Corporation ((MSFT - Free Report) ), Meta Platforms, Inc. ((META - Free Report) ) and Alphabet, Inc. ((GOOGL - Free Report) ). Meta Platforms has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other megacaps like General Motors ((GM - Free Report) ), Mondelez ((MDLZ - Free Report) ), Pfizer ((PFE - Free Report) ), Snapchat ((SNAP - Free Report) ) and Starbucks ((SBUX - Free Report) ) are also scheduled to report earnings this week.
Investors are also looking forward to the Federal Reserve’s monetary policy meeting later this week, which will give them a clearer picture of future rate cuts.
No major economic data was released on Monday.