Investing.com – The S&P 500 rose on Monday, led by gains in the technology sector, recovering from its biggest weekly decline since March last year as investors awaited quarterly earnings from big technology companies.
At 4:00 pm ET (20:00 GMT) the gain was 253 points, or 0.7%, with a gain of 0.9% and a gain of 1.1%. Last week, the S&P 500 posted six straight weeks of losses and suffered its biggest weekly loss since March 2023.
Big tech revenues expected
The technology sector led the broader market recovery from the recent rout as investors looked for higher quarterly earnings from four of the Magnificent Seven companies set to report earnings this week.
Tesla (NASDAQ:) on Tuesday, Meta Platforms, which owns Facebook (NASDAQ:), on Wednesday, followed by Microsoft (NASDAQ:) and Alphabet, which owns Google (NASDAQ:), on Thursday.
Ahead of earnings, Tesla shares fell more than 3% after the electric vehicle maker announced new price cuts in several key markets including China and Germany, days after similar cuts in the United States, risking a new price war on electric vehicles.
Verizon falls despite strong results, ZionsBancorp delivers better first-quarter results to help lift regional banks
Verizon Communications (NYSE:) shares fell more than 4% even after the telecom giant said it lost fewer than expected wireless subscribers in the first quarter, although that was overshadowed by weaker-than-expected cash flow of $2. .7 billion per quarter. .
Zions Bancorporation (NASDAQ:) shares rose 3.5% after reporting quarterly results that beat both revenue and earnings, driven by lower credit provisions.
“We believe Zions shares are undervalued because the market is too negative on net interest income guidance,” Morningstar said Monday.
remove advertising
.
2-year Treasury yields briefly touched 5% ahead of key inflation data
2-year Treasuries briefly topped 5%, adding to recent gains as investors awaited a slew of key data, including preliminary first-quarter economic growth data as well as Fed data, the Fed’s preferred inflation gauge, due later this week .
The flurry of data comes as bets on rate cuts have dropped, with just two cuts now expected, below the Fed’s forecast of two cuts. The Fed is expected to make an unchanged interest rate decision in May. 1, but will focus on comments from Chairman Jerome Powell for more insight into the rate outlook.
“We expect virtually no changes in the statement after the FOMC meeting. […] Much of the action, however, “is likely to take place following Chairman Powell’s post-meeting press conference,” UBS said in a note.
Salesforce withdraws from talks on deal with Informatica; Matterport makes takeover bid
Salesforce (NYSE:) shares rose 1.3% after the business software maker pulled out of talks to acquire data management software company Informatica (NYSE:), falling 5.5% after the two companies were unable to agree on terms.
Matterport Inc (NASDAQ:) shares jumped 175% after CoStar Group said it agreed to acquire all of the company’s outstanding shares for $5.50 per share, or $1.6 billion at an enterprise value.
Crypto stocks jump on Bitcoin gains after halving
Cryptocurrency stocks including Marathon Digital Holdings Inc (NASDAQ:) Coinbase Global Inc (NASDAQ:), Riot Platforms (NASDAQ:) and MicroStrategy Incorporated (NASDAQ:) rose sharply as Bitcoin rose to $66,402 after the halving ended.
remove advertising
.
The halving event, the fourth since the cryptocurrency’s inception, cut the number of Bitcoins produced by miners on the Bitcoin blockchain, or network, in half.
(Peter Nurse and Ambar Warrick contributed to this article.)