Stock Market Today: Dow racks up swashbuckling gains as big tech shows strength
Investing.com — The Dow racked up gains to close higher Monday, as big tech led the broader move higher ahead of quarterly earnings from Apple due later this week, and the Federal Reserve’s interest rate decision slated for Wednesday.
The Dow Jones Industrial Average jumped 1.6% or 511 points, and the S&P 500 rose 1.2%, the Nasdaq gained 1.2%.
Big tech including Alphabet (NASDAQ:GOOGL), Meta Platforms Inc (NASDAQ:META), and Meta Platforms (NASDAQ:META) rallied to lift the broader tech sector as investors awaited earnings from Apple.
Apple Inc (NASDAQ:AAPL) is expected to report results for its June quarter — typically a seasonally weak quarter for the company — on Thursday after the market closes, with many Wall Street eager for insight into iPhone sales amid reports of slowing demand.
Apple is also expected to announce its third-generation Apple Silicon chip later on Monday.
United Auto Workers and General Motors struck a deal Monday, ending a six-week-long strike at Detriot automakers, Bloomberg reported, citing unnamed sources.
The terms agreement are similar to the recent accord signed by Ford and Stellantis with the UAW, including wage hikes and cost of living allowances.
General Motors Company (NYSE:GM) closed higher, while Ford Motor Company (NYSE:F) and Stellantis NV (NYSE:STLA) ended the day in the red.
Treasury yields rose on Monday as investors awaited the Treasury refunding announcement due Wednesday, which details its plans for note and bond sales.
The recent selloff in Treasuries that has pushed yields to multi-year highs — has been partly attributed by some to the increase in supply of Treasuries.
Ahead of the announcement, the Treasury Department lowered its net borrowing estimate for the October
Read more on investing.com
