US stocks advanced on Monday, led by the Dow, as traders looked forward to a busy week of key inflation data and the start of the earnings season.
This week’s main event will be US consumer price data, scheduled for Wednesday. Earnings season also kicks off, with PepsiCo, Delta Air Lines due to report on Thursday and a host of financial firms including JPMorgan and BlackRock on Friday.
Market action in the afternoon:
Shares rose. The Dow Jones Industrial Average registered modest gains, while the S&P 500 and technology-heavy Nasdaq Composite entered positive territory. All three indices fell last week.
Big technology companies were a weak point. Microsoft, Apple and Alphabet were all down around 1.2% or more. Meta Platforms outperformed its peers, bouncing between small gains and losses, as its new Threads microblogging service topped 100 million signups.
US Treasury yields fell after climbing sharply last week. The yield on the benchmark 10-year Treasury note ended below 4% – recently at 3.992%, according to Tradeweb, after closing at 4.047% on Friday.
Fed officials continued to prepare investors for higher interest rates. Rates “need to move up” before holding steady for a while, Cleveland Fed President Loretta Mester said Monday, citing a stronger-than-expected economy.
Icahn Enterprises’ stock rose around 20 percent after the Journal reported that Carl Icahn had finalized loan agreements that free his personal loans from the trading price of the company’s stock.
Abroad, Chinese shares lost steam. Hong Kong’s Hang Seng index rose 2.7%, led by technology shares, before giving back gains after the inflation data. It closed up 0.6 percent. Other global indices were narrowly mixed. The Stoxx Europe 600 rose 0.2 percent.