Stock market today: Dow rises as banks, tech shine, but telecoms stifle gains
Investing.com — The Dow closed higher Monday, led by tech and financials as investors looked ahead to more quarterly results from Wall Street banks and other major corporations later this week, though broader market gains were kept in check by a stumble in telecoms.
The Dow Jones Industrial Average rose 0.2%, or 76 points, the Nasdaq was up 0.9%, and the S&P 500 rose 0.3%.
Financials rallied more than 1% as investors anticipate further signs of the strength in banks ahead of quarterly results from Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) due Tuesday and Goldman Sachs (NYSE:GS) due Wednesday.
Sentiment on major banks was boosted last week following better-than-expected quarterly results from JPMorgan Chase & Co (NYSE:JPM) and Wells Fargo (NYSE:WFC), though Citi was the odd one after its earnings fell short of analyst expectations.
UBS, however, warned against extrapolating the better-than-expected results to other banks, and expects “tougher results from regional banks.”
PNC Financial Services Group Inc (NYSE:PNC) and Western Alliance Bancorporation (NYSE:WAL), which are down sharply year-to-date, are slated to report earnings on Friday.
A rise in Apple Inc (NASDAQ:AAPL) and semiconductor stocks including NVIDIA Corporation (NASDAQ:NVDA) pushed the broader tech sector more than 1% higher as AI-driven optimism ahead of tech earnings persists.
“We believe overall the tech sector will be up another 12%-15% in the second half of this year led by software and the chip sector with Big Tech remaining the «torch bearer» for this tech rally continuing to heat up,” Wedbush said in a note.
Microsoft Corporation (NASDAQ:MSFT), meanwhile, traded just above the flatline even as its pending $69 billion acquisition of
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