earnings reports from Tesla and Meta.
The tech-heavy Nasdaq Composite rose 1.2%, while the S&P 500 added 0.6%. Meanwhile, the Dow Jones Industrial Average hovered near the flatline following a week where all three major indices finished in the red.
The Nasdaq is recovering from its weakest weekly performance since June, and the S&P 500 is attempting a rebound after sliding nearly 2% last week.
(^DJI)
Semiconductor stocks trended upward, fueled by gains in Nvidia and AMD.
Shares of the Nvidia-backed firm CoreWeave gave up earlier gains despite receiving a Buy upgrade from Goldman Sachs. The neocloud provider’s stock had tumbled 25% last week amid concerns regarding AI financing.
Tesla is scheduled to release its earnings on Wednesday, following the EV manufacturer’s unveiling of a redesigned Roadster last week. Social media giant Meta is also set to disclose its financial results on the same day.
Streaming leader Netflix is slated to report its figures after the market closes on Tuesday.
Oil prices remained stable, with Brent crude holding at $108 per barrel following Ukrainian strikes on Russian oil infrastructure and attacks on tankers in the Middle East. West Texas Intermediate crude fell to $98.
US bank index is on its longest losing streak since 2008
US banking stocks are currently enduring their most prolonged losing streak since the summer of 2008, even though several of the nation’s largest lenders have posted solid quarterly earnings.
JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo collectively allocated $7.6 billion for credit provisions this quarter, representing a roughly 3% decrease compared to the previous year.
Investors remain skeptical. The benchmark KBW Nasdaq Bank Index dipped slightly on Monday, marking six consecutive weeks of losses and an 11% decline since early September.
This sell-off arrives as credit managers across the globe express growing anxiety regarding the economic outlook.
