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Benchmark US indices closed higher on Monday, January 31, after a shaky start to the session as technology, consumer discretionary, and communication services sectors led gains.
The S&P 500 rose 1.89% to 4,515.52. The Dow Jones gained 1.17% to 35,131.86. The NASDAQ Composite rose 3.41% to 14,239.88, and the small-cap Russell 2000 was up 2.39% to 2,015.47.
Markets remained on edge over Fed’s expected interest rate hikes this year. As investors weighed on profit margins, the tech-savvy Nasdaq Composite fell around 10% in January.
Higher interest rates affect market valuations and could make high-growth stocks less attractive. Analysts expect decreased market volatility after clarity on inflation and its peak.
All the 11 stock segments of the S&P 500 closed in the positive territory on Monday. Consumer discretionary, technology and communication service were the top gainers, while consumer staple, healthcare, and energy sectors were the bottom movers.
According to Refinitive data, of the one-third of the S&P 500 companies reported so far, more than 77% have beat analysts’ expectations. Some of the big companies reporting this week include Alphabet, Meta Platforms Inc, Amazon.com Inc, and Advanced Micro Devices.
In the healthcare sector, Moderna, Inc. (MRNA) stock jumped more than 5% in the intraday session after receiving full approval from FDA for its COVID-19 vaccine for 18 years and older.
Shares of L3Harris Technologies, Inc. (LHX) fell 4% after providing lower-than-expected revenue guidance in the earnings release.
Netflix, Inc. (NFLX) stock rose more than 10% after Citigroup upgraded its rating and Co-chief executive Reed Hastings purchased around US$20 million worth of shares in the company.
The Citrix Systems, Inc. (CTXS) stock fell over 3.7% after announcing it would go private after a US$16.5 billion acquisition deal.
In the consumer discretionary sector, Amazon.com Inc. (AMZN) rose 3.32%, Tesla Inc. (TSLA) stock gained 10.32%, and Nike Inc. (NKE) rose 0.98%. McDonald’s Corporation (MCD) rose 0.87%, and Lowe’s Companies Inc. (LOW) jumped 0.74%.
In technology stocks, Apple Inc. (AAPL) jumped 1.86%, Microsoft Corp. (MSFT) rose 0.12%, and Nvidia Corporation (NVDA) surged 6.08%. Mastercard Incorporated (MA) and Adobe Inc. (ADB) were up 0.50% and 2.09%, respectively.
In the consumer staples sector, Walmart Inc. (WMT) stock rose 1.43%, and Coca-Cola Company (KO) and PepsiCo Inc. (PEP) increased by 0.07% and 0.07%, respectively. Costco Wholesale Corporation (COST) rose 1.87%, and Estee Lauder Companies Inc. (EL) grew 2.22%.
The global cryptocurrency market was down 2.94% to US$1.65 trillion, as per coinmarketcap.com at 3:26 pm ET. Bitcoin (BTC) rose 1.77% to US$38,320 in the last 24 hours.
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Futures & Commodities
Gold futures surged 0.66% to US$1,796.70 per ounce. Silver futures increased by 0.78% to US$22.475 per ounce, while copper jumped 0.68% to US$4.3395.
Brent oil futures increased by 1.01% to US$89.41 per barrel and WTI crude futures were up by 1.67% to US$88.27.
Bond Market
The 30-year Treasury bond yields increased 1.00% to 2.104, while the 10-year bond yields were up 0.21% to 1.784.
US Dollar Futures Index fell 0.69% at US$96.595.
