brytfmonline

Complete News World

Wall Street kicks off a week full of results – the stock market

Wall Street kicks off a week full of results – the stock market

Major indices rose on the other side of the Atlantic on Monday, with investors waiting this week for the release of first-quarter results from three major US banks.

Major indices on the other side of the Atlantic ended the session higher, on the day when they were assessing the latest financial sector results, seeking to understand the impact of the economic slowdown on corporate health.

The Dow Jones Industrial Average increased by 0.3%, to 33,987.31 points, while the S&P 500 advanced by 0.33%, to 4,151.38 points. The Nasdaq Technology Composite Index rose 0.28% to 12,157.72 points.

Among the major moves in the market, State Street lost more than 9% after it missed earnings estimates and clients pulled out of investment products. Charles Schwab, on the other hand, rose 3.94% after the listed company beat earnings expectations, despite withdrawals of deposits and the financial institution’s revelation that it will pause share buyback programmes.

This Tuesday, two more large banks are publishing their accounts for the first quarter of the year Goldman Sachs and Bank of America, while Morgan Stanley will report results on Wednesday.

“It’s kind of a ‘wait and see’ thing because what the banks offer … the rest of the market can take,” CFRA Research analyst Sam Stovall told CNBC.

On the S&P, the telecom services sector fell more than 1%, with the biggest pressure coming from “big tech” like Alphabet, Netflix and Meta. Google owner lost 2.66%, after The New York Times reported that Samsung was planning to make Bing the default search engine for devices.

See also  Ryanair will invest $253 million in Lisbon Airport by strengthening its fleet

Just this Monday, Richmond Fed President Thomas Barkin said he needed to see more signs of US inflation returning to the 2% target.

Regarding the path the Fed could follow, Sam Stovall states that “there is an iron arm between those who are optimistic that the Fed will soon end its program of monetary tightening, due to the weakness of the economy…with those who believe that the Fed will He will have to raise interest rates even further, because the economy is, in a sense, not turning a profit.”