US stocks rose on Monday as Wall Street awaited another round of gains from the retail sector.
The S&P 500 (^GSPC) rose 0.3% during midday trading, while the Dow Jones Industrial Average (^DJI) rose 0.5%. The Nasdaq High-Tech Composite (^IXIC) also rose 0.2%.
Stocks ended the week with their biggest gains in months on Friday, with lighter inflation data raising hopes among investors that a change in monetary policy was on the way. The S&P 500 rose nearly 6%, while the Nasdaq added about 8% for the week.
Treasury yields rose and the dollar held firm after comments over the weekend from Federal Reserve Governor Christopher Waller, who said the central bank still has “a ways to go.”
“This will not end in the next meeting or two,” he said.
The comments echoed aggressive comments earlier this month from Fed Chairman Jerome Powell and reinforcement from other colleagues who also reaffirmed that interest rate hikes were far from over.
Some individual stocks that were trending on Yahoo Finance on Monday:
Tyson Foods (TSN): The beef and poultry producer reported quarterly profit that missed expectations, while sales rose above forecasts as the high-inflation environment weighed on margins.
Oatly Group AB (OTLY): The Swedish maker of oat-based dairy products posted higher-than-expected third-quarter losses and revenue that missed estimates.
AMC Entertainment Holdings, Inc. (AMC): AMC Chief Executive Adam Aron told Yahoo Finance Live on Thursday that the company will continue to accept cryptocurrency, despite the collapse of FTX. The stock is down more than 72% this year.
from GameStop Corp. (GME): Fellow meme stock GameStop said it is ending its partnership with FTX. the retailer announced on friday would provide full refunds to affected customers. The stock rose 2% on Monday.
SNDL Inc. (SNDL): the The liquor and cannabis retailer posted a loss in the third quarter, compared with profit in the prior-year quarter.
amazon (AMZN): Amazon plans to lay off about 10,000 employees in what would be the biggest reduction in the company’s history, according to reports. The mass layoffs could begin as early as this week and will target Amazon’s device organization, retail division and human resources department. The move also follows Facebook’s parent company Meta (META), Twitter and other tech companies that have laid off thousands of employees this month. Amazon shares fell 1% on Monday.
Walmart (WMT), Target (TGT) and The Home Depot (HD) are among the top companies to reveal third-quarter financials this week.
Data from FactSet Research shows that, as of Friday, 91% of S&P 500 companies reported third-quarter earnings, and 69% reported actual earnings per share above the median estimate, below the five-year average. of the 77% that he passed.
Also on Wall Street’s plate is another round of economic data, including the monthly retail sales report released on Wednesday. Economists surveyed by Bloomberg forecast a 1% headline rise for October after spending unexpectedly held steady in September as consumers pulled back from big-ticket items amid high inflation and rising interest rates. .
Wall Street strategists have also begun releasing their 2023 outlook, and Morgan Stanley Chief US Equity Strategist Mike Wilson sees more tough times ahead.
“While their end-2023 base-case price target of 3,900 is roughly in line with the current market, it won’t be easy,” Wilson-led strategists wrote in the bank’s “2023 US Equities Outlook: The Road No. taken” note. “After what’s left of this current tactical rally, [Wilson] sees the S&P 500 pricing in the risk of gains of 23 sometime in 1Q23 via a price floor of ~3,000-3,300.”
Separately, President Joe Biden met with Chinese leader Xi Jinping on Monday as the United States seeks a stronger alliance with nations that can help deter China from taking military action against Taiwan.
Meanwhile, the cryptocurrency world continued to see a fast-moving sequence of events. The collapse of FTX International has threatened losses for investors big and small alike, with FTX filing for bankruptcy on Friday in a stunning drop for a crypto empire. The fallout continued through the weekend. FTX investigated a possible hack and asked customers to stay away from the website, while cryptocurrency exchange Crypto.com sent $405 million to the wrong recipient. Bitcoin surged higher on Monday after a brutal week amid deepening FTX troubles.
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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