(Sharecast News) - Major indices closed sharply higher on Monday as investors looked ahead to a busy week for markets, with declining oil prices boosting sentiment ahead of key inflation data and earnings from several major AI-linked companies later in the week.
At the close, the Dow Jones Industrial Average was up 2.15% at 52,389.75, while the S&P 500 advanced 2.35% to 7,549.94 and the Nasdaq Composite saw out the session 2.74% firmer at 25,253.14.
The Dow closed 1,104.02 points higher on Monday, more than reversing losses recorded in the previous session as investors digested a stronger-than-expected batch of US labour market data, while concerns over the potential implications of the Democrats' midterm election victory also continued to weigh on sentiment.
Technology stocks remained in focus on Monday following reports that Nvidia's board had launched an investigation into chief executive and co-founder Jensen Huang's relationship with a businesswoman that US intelligence agencies have allegedly identified as a Chinese spy, adding a fresh layer of uncertainty for one of the market's most influential AI stocks.
Oil prices were also drew an amount of investor attention on Monday, with West Texas Intermediate futures dropping 4.38% to $86.85 per barrel, while international benchmark Brent crude futures were down 5.85% at $92.57 per barrel.
On the macro front, US wholesale sales and inventories both increased in September, according to the Census Bureau, with sales growth comfortably outpacing stock building. Wholesale inventories increased 0.7% from August to $1.01trn, following an upwardly revised 0.7% gain in the prior month. Inventories were 7.6% higher than a year earlier. Sales at merchant wholesalers rose 2.8% month-on-month to $840.1bn, accelerating from August's upwardly revised reading. On an annualised basis, wholesale sales were up 19.8%. August's sales increase was revised up from an initially reported 1.8% to 2%, while September inventory growth was revised higher to 0.7% from a preliminary estimate of 0.6%.
Market participants were also looking ahead to the consumer price index on Tuesday and the producer price index on Friday, with traders hoping to gain some insight into the Federal Reserve's thinking.
In the corporate space, Skydance reported its first quarterly results since completing its merger with Warner Bros Discovery, posting third-quarter revenues of $7bn, net earnings of $73m and adjusted underlying earnings of $1bn. The company noted that the figures were affected by the timing of the transaction, which did not formally close until after the end of the reporting period.
Take-Two Interactive reported a narrower quarterly loss despite a decline in revenues, with investors closely watching the video game publisher ahead of the highly anticipated release of Grand Theft Auto VI later this month, while Occidental Petroleum topped Wall Street profit expectations as stronger oil prices helped offset lower production volumes in Q3.
CoreWeave, Cisco and Applied Materials will all report earnings before the end of the week.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $59.37 7.41%
Caterpillar Inc. (CAT) $598.88 7.21%
Goldman Sachs Group Inc. (GS) $906.22 4.67%
Nike Inc. (NKE) $39.88 3.34%
Home Depot Inc. (HD) $353.42 2.90%
Apple Inc. (AAPL) $350.69 2.88%
Microsoft Corp. (MSFT) $545.18 2.85%
Amgen Inc. (AMGN) $465.23 2.67%
JP Morgan Chase & Co. (JPM) $342.08 2.27%
Johnson & Johnson (JNJ) $282.11 2.13%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $30.96 -1.40%
Chevron Corp. (CVX) $210.78 -0.88%
Boeing Co. (BA) $172.38 -0.59%
Visa Inc. (V) $422.16 -0.12%
Coca-Cola Co. (KO) $96.03 0.38%
International Business Machines Corporation (CDI) (IBM) $246.11 0.45%
S&P 500 - Risers
Advanced Micro Devices Inc. (AMD) $508.58 15.88%
DENTSPLY Sirona Inc. (XRAY) $9.54 11.64%
NRG Energy Inc. (NRG) $97.40 10.32%
Ipg Photonics Corp. (IPGP) $70.67 10.10%
Align Technology Inc. (ALGN) $174.26 9.65%
Applied Materials Inc. (AMAT) $370.55 9.37%
KLA-Tencor Corp. (KLAC) $151.38 9.36%
Quanta Services Inc. (PWR) $591.48 9.35%
Corning Inc. (GLW) $115.95 9.27%
Lam Research Corp. (LRCX) $221.31 9.14%
S&P 500 - Fallers
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Nvidia Corp. (NVDA) $178.67 -7.41%
FMC Corp. (FMC) $5.41 -3.91%
Equity Residential (EQR) $63.66 -3.50%
H&R Block Inc. (HRB) $50.98 -3.25%
Bread Financial Holdings, Inc. (BFH) $98.61 -3.16%
Expedia Group Inc. (EXPE) $259.16 -3.16%
DaVita Inc (DVA) $185.54 -3.04%
Hershey Foods Corp. (HSY) $173.48 -2.58%
Jack Henry & Associates Inc. (JKHY) $171.20 -2.49%
Nasdaq 100 - Risers
DENTSPLY Sirona Inc. (XRAY) $9.54 11.64%
Align Technology Inc. (ALGN) $174.26 9.65%
Applied Materials Inc. (AMAT) $370.55 9.37%
KLA-Tencor Corp. (KLAC) $151.38 9.36%
Lam Research Corp. (LRCX) $221.31 9.14%
American Airlines Group (AAL) $14.16 8.59%
Cadence Design Systems Inc. (CDNS) $336.53 8.17%
Tesla Inc (TSLA) $378.05 8.03%
Wynn Resorts Ltd. (WYNN) $86.70 7.74%
Analog Devices Inc. (ADI) $394.66 7.43%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Nvidia Corp. (NVDA) $178.67 -7.41%
Expedia Group Inc. (EXPE) $259.16 -3.16%
Intuit Inc. (INTU) $338.23 -2.37%
Workday, Inc. (WDAY) $190.21 -2.35%
eBay Inc. (EBAY) $120.97 -2.09%
Cognizant Technology Solutions Corp. (CTSH) $63.60 -1.93%
Take-Two Interactive Software Inc. (TTWO) $207.40 -1.92%
Check Point Software Technologies Ltd. (CHKP) $143.96 -1.90%
JD.com, Inc. (JD) $28.38 -1.90%
108.93 (1.02%)
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