Wall Street’s main indexes rose on Monday as investors appeared hopeful that a resolution to the Middle East war could be found while they looked past the failed weekend talks between the U.S. and Iran and monitored the start of the earnings reporting season.
After a muted start to the day the Nasdaq and the S&P 500 picked up some steam on Monday afternoon after the US President said that Iran wants to make a deal but that he will not come to any agreement that allows Tehran to have a nuclear weapon. This was after the White House announced that the U.S. military began a blockade of ships leaving Iran’s ports, while Tehran threatened to retaliate against ports of its Gulf neighbours after weekend talks on ending the war broke down.
It also helped that crude oil futures pared earlier gains to settle below the $100 level. Chicago Federal Reserve President Austan Goolsbee said oil futures markets are pricing an expectation the surge in oil prices will be short-lived, and that as long as this is the case the impact on the U.S. economy may be limited.
According to preliminary data, the S&P 500 gained 69.34 points, or 1.02%, to end at 6,886.23 points, while the Nasdaq Composite gained 280.51 points, or 1.23%, to 23,183.40. The Dow Jones Industrial Average rose 291.09 points, or 0.61%, to 48,207.66. Among the S&P 500’s 11 major industry sectors, technology was the biggest gainer during the session with boosts from software companies, including Microsoft and Oracle. The iShares expanded Tech-software index ETF , which has underperformed sharply this year on concerns about AI disruption, rallied sharply on Monday.
Investors appeared less than impressed by Goldman Sachs’ kick-off of the first quarter earnings season. Its shares fell with concerns over weakness in fixed income, currencies and commodities trading revenue outweighing its profit beat..
In other individual stocks, shares of Allogene Therapeutics rallied, hitting their highest levels in over two years afterinterim data from a mido-stage study showed that its blood cancer therapy reduced the risk of relapse in patients. Shares in Albemarle, the world’s largest lithium producer, rallied after Oppenheimer raised its price target on the company to $222 from $216. Airline stocks including United Airlines Delta Air Lines and American Airlines fell on concerns about higher oil prices swelling fuel costs.
Shares in industrial supplies distributor Fastenal’s sold off after earnings. Sandisk rose sharply as the memory chipmaker was on track to join the Nasdaq-100 indexon April 20. Separately, data showed that U.S.existing home sales fell to a nine-month low in March amid tight inventory and growing concerns over the labor market.
Reporting by Sinéad Carew in New York, Niket Nishant and Avinash P in Bengaluru; Editing by Shilpi Majumdar, Devika Syamnath.
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