US Stocks Rise At Week's Start, Tesla Rebounds, SoFi, Lucid Shine: What's Driving Markets Monday?

Author: Piero Cingari | January 29, 2024 02:57pm

Wall Street witnessed slight gains at midday on Monday, with investors eagerly awaiting a series of critical earnings reports, the Federal Reserve’s meeting on Wednesday and the much-anticipated job market report this Friday.

This week’s significant tech earnings include reports from Microsoft Corp. (NYSE:MSFT), Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Advanced Micro Devices Inc. (NASDAQ:AMD) on Tuesday, followed by Qualcomm Inc. (NASDAQ:QCOM) on Wednesday, and Apple Inc. (NASDAQ:AAPL) and Amazon.com Inc. (NASDAQ:AMZN) on Thursday.

Both the S&P 500 and Nasdaq 100 saw modest increases, rising by 0.1% and 0.3%, respectively, while the Dow Jones Industrial Average remained broadly steady. Small-cap stocks outperformed their large-cap counterparts, with the Russell 2000 Index climbing 0.5%.

Tesla Inc. (NASDAQ:TSLA) emerged as a notable performer among mega-cap stocks, rebounding 2.4% after a 12% decline last week.

In the bond market, Treasury yields slightly decreased, leading to gains in fixed-income securities. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) experienced a 0.8% increase.

In commodities, gold prices, as tracked by the SPDR Gold Trust (NYSE:GLD), rose by 0.5%. Crude oil prices fell by 1.6% despite escalating tensions in the Middle East, following a statement from the White House regarding Iran-backed militants’ attack on U.S. troops in Jordan, with President Joe Biden vowing a response.

Bitcoin (CRYPTO: BTC) experienced a notable surge, rising 2.3% to reach $43,000.

Monday's Performance In Major Indices, ETFs

Major Indices	Price	Change (%)
Russell 2000	196.84	0.4%
Nasdaq 100	17,480.46	0.3%
S&P 500	4,896.79	0.1%
Dow Jones	38,072.47	-0.1%

The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.1% higher to $487.95, the SPDR Dow Jones Industrial Average (NYSE:DIA) edged 0.1% lower to $380.73 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 0.3% to $424.06, according to Benzinga Pro data.

Sector-wise, the Consumer Discretionary Select Sector Fund (NYSE:XLY) outperformed, up 0.7%, aided by Tesla. The Energy Select Sector Fund (NYSE:XLE) underperformed, down 1.1%.

Monday’s Stock Movers

• Tesla rose 2.4% after the company announced capital expenditures to exceed $10 billion in 2024 and ranging between $8 and $10 billion for each of the following two fiscal years, aimed at next-generation vehicles and AI products.
• Lucid Group Inc. (NASDAQ:LCID) experienced a 20% surge in its stock value following rumors suggesting the company’s luxury electric vehicle might be selected for the next James Bond film.
• SoFi Technologies Inc. (NASDAQ:SOFI) saw its stock climb more than 17% after reporting better-than-expected revenue and profits in the fourth quarter.
• Bloom Energy Corp. (NYSE:BE) fell over 8% after Bank of America downgraded the company from Neutral to Underperform, lowering the price target.
• Amazon.com Inc. and iRobot Corp. (NASDAQ:IRBT) announced a deal termination. Shares of the retail giant increased by 1%, whereas iRobot experienced a decline of over 7%.

Read now: iRobot Hit By Regulatory Hangover: Amazon Merger Collapse Triggers Stock Plunge, Restructuring Efforts

Photo via Shutterstock.

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