Stocks Improve After S&P Hits Low for Year - InvestingChannel News

Stocks Improve After S&P Hits Low for Year

U.S. stocks staged a late comeback on Monday, with the S&P 500 and NASDAQ Composite hitting new lows for the year before closing up for the day.

The Dow Jones Industrials recovered from its gully, gathering 84.29 points to 33,061.50.

The S&P 500 regrouped 23.45 points to 4,155.38,

The NASDAQ Composite rebounded with a vengeance, capturing 201.38 points, or 1.6%, to 12,536.02.

The wild trading session came on the heels of a rough April for stocks. The Dow and S&P 500 are coming off their worst month since March 2020, when the pandemic took hold. The NASDAQ had its worst month since 2008.

Tech was a particular weak point in April, but the group led the rebound on Monday. Netflix hiked 4.8% and Facebook-parent Meta Platforms jumped 5.3%. Microsoft and Google-parent Alphabet advanced more than 2% each.

Apple and Amazon closed up less than 1% after spending much of the session in negative territory.

Semiconductors and energy stocks were two areas of strength on Monday. Intel increased 2.2%, and Chevron rose 1.7%, to support the Dow.

Earnings season is now more than halfway finished, but a number of companies are set to post results in the coming week, including a host of consumer-focused restaurant and travel companies.

Expedia, MGM Resorts, Pfizer, Airbnb, Starbucks, Lyft, Marriott, Yum Brands, Uber, eBay and TripAdvisor are just some of the names on deck.

Of the more than 280 S&P 500 companies that have reported earnings so far, 80% have beat earnings estimates with 73% topping revenue expectations

Treasury prices shuttled lower, raising yields to 2.99% from Friday’s 2.92%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.10 to $105.79 U.S. a barrel.

Gold prices got pummeled $49.90 to $1,861.30 U.S. an ounce.

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