Wall St rises with focus on earnings, economic data
By Ankika Biswas and Shashwat Chauhan
(Reuters) — Wall Street's main indexes advanced on Monday as investors awaited key economic data and major corporate earnings this week for clues on the U.S. economy, while also monitoring the Israel-Hamas conflict.
Long-dated U.S. Treasury yields gained as the United States' strived to prevent an escalation in tensions, with Secretary of State Antony Blinken arriving in Israel for talks after top U.S. officials warned the conflict could worsen.
"(Investors) actually got a little bit less nervous… the talk now is to try to contain this and not have it expand out to other areas and if that's the case, the market would be okay with it," said Joe Saluzzi, partner and co-founder at Themis Trading in Chatham, New Jersey.
«Earnings will give us a good indication of where we are in the economic cycle and should we be really worried about a recession.»
Results from large banks Goldman Sachs, Bank of America, Morgan Stanley, pharmaceutical giant Johnson & Johnson (NYSE:JNJ), EV maker Tesla (NASDAQ:TSLA) and video-streaming pioneer Netflix (NASDAQ:NFLX) are due this week.
Megacaps Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META), Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN) rose more than 1% each, though Apple (NASDAQ:AAPL) dipped 0.6% on a report the company's iPhones were off to a disappointing start in China.
Investors also await economic data including retail sales for September and the Philly Fed Business Index for October later this week.
Philadelphia Fed President Patrick Harker will speak later in the day while Federal Reserve Chair Jerome Powell is due to speak on Thursday.
Harker said on Friday the U.S. central bank was likely done with its rate-hiking cycle.
Chicago
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