Monster rebound for stocks as Dow, S&P hit all-time highs
Cresset Capital founder Jack Ablin and Payne Capital Management’s Courtney Dominguez join ‘Making Money with Charles Payne’
U.S. stocks were mixed in early trading as investors position themselves ahead of key inflation data and earnings from the likes of JPMorgan and Goldman Sachs, while also taking in the future of space tourism after billionaire Richard Branson blasted successfully into orbit.
DOW, S&P 500 FUTURES SLIP, NASDAQ RISES
The Nasdaq Composite rose 0.23% helped in part by Apple which hit a fresh record, while the Dow Jones Industrial Average and S&P 500 were modestly higher. All three of the major averages closed at record levels on Friday.
|I:DJI||DOW JONES AVERAGES||34973.35||+103.19||+0.30%|
|I:COMP||NASDAQ COMPOSITE INDEX||14709.391707||+7.47||+0.05%|
Virgin Galactic shares are set to open higher after Richard Branson’s historic space flight paves the way for space tourism. Next up, Amazon founder Jeff Bezos is set to take off at the end of the month.
|SPCE||VIRGIN GALACTIC HOLDINGS INC.||43.26||-6.01||-12.20%|
|UFO||PROCURE ETF TRUST II PROCURE SPACE ETF||30.65||-0.39||-1.25%|
|ARKX||ARK ETF TR SPACE EXPLORATION & INNOVAT||20.81||-0.10||-0.46%|
Disney shares were marginally lower despite bringing in over $80 million at the U.S. Box office over its opening weekend, according to early estimates.
|DIS||THE WALT DISNEY CO.||180.38||+3.42||+1.93%|
Also Tesla shares are in focus as CEO Elon Musk testifies in person over the $2.5 billion acquisition of Solar City after some shareholders dispute the deal.
Earnings from the big banks, including Wells Fargo, will kick off tomorrow, with one-quarter of the financial firms reporting this week. Charles Schwab will report on Thursday.
|JPM||JPMORGAN CHASE & CO.||157.69||+2.35||+1.51%|
|GS||THE GOLDMAN SACHS GROUP, INC.||379.66||+7.67||+2.06%|
|WFC||WELLS FARGO & CO.||43.81||-0.12||-0.27%|
|SCHW||THE CHARLES SCHWAB CORP.||71.34||+0.87||+1.23%|
|DAL||DELTA AIR LINES, INC.||43.07||+0.12||+0.28%|
|AOUT||AMERICAN OUTDOOR BRANDS INC.||33.79||+0.00||+0.01%|
Other key earnings will come from Delta Airlines on Wednesday and American Outdoor Brands Thursday.
In commodities, oil traded down over 1% to $73.62 per barrel, while gold fell 0.66% to 1,190 per ounce.
Overseas, European markets opened lower and Asian stocks advanced with the NIKKEI 225 Index rising 628.60 points or 2.25%, the Shanghai Composite Index up 23.75 points or 0.67%, and the Hang Seng Index is up 170.70 points or 0.62%.
Source: Read Full Article