Stock Market Today: Dow ends higher on tech gains as earnings season to heat up
Investing.com — The Dow closed higher Monday, as investors ramped up bullish bets on big tech, shrugging off an ongoing climb in Treasury yields as attention shifts to a step up in pace of quarterly earnings expected this week.
The Dow Jones Industrial Average rose 0.9% or 314 points, the Nasdaq gained 1.2%, and the S&P 500 rose 1%.
Big tech, excluding Apple, were on the front foot, led by Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc Class A (NASDAQ:GOOGL) as investors shrugged of rising Treasury yields.
Apple Inc (NASDAQ:AAPL) cut the bulk of its losses to end flat after the stock was pressured by worries that sales of its iPhone 15 were lower in China in the earlier weeks after release, when compared to the iPhone 14, pointing to softer demand.
Sales of iPhone 15 fell by a double-digit percentage from its predecessor amid stiff competition from Huawei’s Mate 60 Pro, Jefferies said in a note.
Lululemon Athletica Inc (NASDAQ:LULU) rose 10% as the athleisurewear maker is set to join the S&P 500 on Wednesday, replacing Activision.
“We look upon the addition of shares to the major index as a potential catalyst for incremental interest and buying,” Oppenheimer said in a recent note.
News (NASDAQ:NWS) rose 4% on media reports that activist investor Starboard Value has increased its stake in Rupert Murdoch's media company amid plans to implement strategic and governance changes to boost the share price.
Starboard Value recommended selling News Corp (NASDAQ:NWSA)'s digital real estate businesses, including Realtor.com, the Wall Street Journal reported.
Charles Schwab Corp (NYSE:SCHW) reported mixed third-quarter results after revenue fell short of estimates, but the fall in deposits wasn’t as bad as feared.
Schwab’s
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