Global markets finished stronger ahead of the start of US earnings season, the Dow Jones and S&P 500 both adding 0.4% and the Nasdaq 0.2% with big tech a major contributor.
In fact, the Dow Jones finished just 4 points short of the 35,000 point mark in what would have been its first-ever close above that level.
In a broad-based rally, both financials and communications jumped strongly despite a small jump in bond yields, with record profits from the former expected this week.
NVIDIA (NASDAQ: NVDA) jumped 3.3% and Intel (NASDAQ: INTC) 1.3% as concerns continue to grow that the ‘delta variant’ may lead to longer lockdowns than expected.
According to Fact Set, estimates are for 64% year-on-year earnings growth for the S&P 500 for the July quarter, an acceleration on 50% in the previous quarter amid hopes that the strong signs for economic growth have filtered across the economy.
US stock market movers
Here’s how other popular US stocks started the week.
- Upstart (NASDAQ: UPST) up 8.3%
- Tesla (NASDAQ: TSLA) up 4.4%
- Disney (NYSE: DIS) up 4.1%
- HP Inc (NYSE: HPQ) down 2.8%
- Pinterest (NYSE: PINS) down 4.8%
- Virgin Galactic (NSYE: SPCE) down 17.3%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow US markets higher at the open on Tuesday. For all the latest, check out Rask Media’s ASX 200 morning report.