Jan 22 (Reuters) – The U.S. stock index S&P 500 hit a record high on Monday and carried the bull market into the new week thanks to gains from Wall Street heavyweights. Meanwhile, the focus of traders remains on corporate reporting and signals about the future trajectory of interest rates.
The S&P 500 index by 18:34 Moscow time rose 0.36% to 4,857.24 points and is above Friday’s peak of 4,842.07 points.
The Dow Jones rose 0.54% to 38,067.43 and the Nasdaq rose 0.40% to 15,372.53.
Shares of mega-cap companies Alphabet, Meta Platforms and Apple rose in the range of 0.4%-1.8%.
However, shares of Nvidia and Advanced Micro Devices lost their early session gains and are down 0.3% and 4.8%, respectively.
“We can expect to probably rise about another 5% before we hit at least a 5% drawdown, because that’s what’s happened every time investors have won back everything they’ve lost in a bear market since World War II,” he said. Sam Stovall of CFRA Research.
Taiwan’s TSMC’s strong outlook last week pushed the S&P 500 to an all-time closing high of 4,839.81 on Friday, confirming the formation of a bull market.
“AI will always play some role, but as the next Fed meeting approaches, much of the talk will focus on the US central bank’s decision, almost reinforcing the narrative that the Fed will wait until May before it starts cutting interest rates,” Stovall added.
Netflix, Tesla, Abbott Laboratories, Intel and Johnson & Johnson are expected to report quarterly results this week.
United Airlines Holdings, Brown & Brown and Zions Bancorp will report on Monday after the close of the main session.
So far, 84.6% of companies in the S&P 500 have outperformed market forecasts, up from 93.1% a week earlier, LSEG data showed.
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(Ankika Biswas and Johann M Cherian in Bangalore; translated by Tomas Kanik. Edited by Dmitry Antonov)
2024-01-22 16:30:11
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