Stocks rose on Monday after their best week of the year as hopes continued to grow that the Federal Reserve is prepared to lift tightening.
The Nasdaq Composite Index (^IXIC), which has a high proportion of tech stocks, led the mid-morning rally, rising about 0.3%. The benchmark S&P 500 Index (^GSPC) rose more than 0.1%, while the Dow Jones Industrial Average (^DJI) remained flat.
Major U.S. stock indexes soared Friday as U.S. job growth slowed more than expected and wage inflation cooled, boosting optimism that the Fed will end its interest rate hikes that continued into the new week. .
The 10-year US Treasury yield (^TNX) rose about 7 basis points to trade around 4.63%.
read more: Impact of the Fed’s interest rate hike suspension on bank accounts, CDs, loans, and credit cards
Investors will tune in for confirmation when several Fed officials come forward to speak, including Chairman Jerome Powell’s two appearances this week. Also among the candidates are District Fed President John Williams and District Fed President Raphael Bostic.
Some on Wall Street are warning that optimism is overdone and that investors should be prepared for stock price volatility. Morgan Stanley strategist Mike Wilson warned that last week’s rally in stocks “looks more like a bear market rally than the start of a sustained bull market.”
Meanwhile, while quarterly financial results continue to be announced in the market, it has been a quiet calendar on the economic front. The highlight will be Disney’s (DIS) financial results, which will be announced on Wednesday.
In the commodity sector, oil prices rose after top exporters Saudi Arabia and Russia confirmed over the weekend that they would continue with additional voluntary production cuts. West Texas Intermediate crude oil futures (CL=F), the US benchmark, rose more than 1% to just under $82 a barrel, while global benchmark Brent crude oil futures (BZ=F) rose just under 1%. It traded for less than $86. Barrel.
Disney announces new CFO Hugh Johnston
Disney (DIS) finally has a new CFO.
company announced On Monday, longtime PepsiCo (PEP) executive Hugh Johnston will become the media giant’s new executive vice president and chief financial officer, effective Dec. 4.
Mr. Johnston has been with PepsiCo for 34 years, holding multiple leadership positions, including the CFO role for more than 10 years.
He held that role during his time at PepsiCo. successfully dodged Activist investor Nelson Peltz’s campaign to dissolve the company. Mr. Peltz is currently pushing for seats on several of Disney’s boards, and the stock is at an all-time low.
Disney stock traded flat after Monday’s announcement.
“Hugh has a reputation as one of the best CFOs in the United States, and his extensive leadership experience, both financial and operational, overseeing a diverse portfolio of the world’s top brands makes him a great addition to Disney’s senior leadership team,” said Iger. It’s a great place to join.” press release.
“His expertise will not only serve Disney and its shareholders, but also help us continue the transformative efforts we are undertaking to drive growth and value creation.”
Please see here for the detail.
Stocks rise after the best week of the year
U.S. stocks opened higher on Monday after their best week of the year, buoyed by optimism that the Federal Reserve’s interest rate hike is done.
At the opening bell, the tech-heavy Nasdaq Composite Index (^IXIC) led the way, up 0.4%, while the benchmark S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) each rose about 0.3%. It has risen. The 10-year Treasury yield (^TNX) rose about 6 basis points to trade around 4.62%.
Tesla, BioNTech, Dish Network: Trending stocks in pre-market trading
Below are some of the stocks leading Yahoo Finance’s trending ticker page in Monday’s pre-market trading.
Tesla (TSLA): The stock price rose more than 1%. The company announced Monday that it plans to build its cheapest car, priced at $26,838, at its factory near Berlin.
BioNtech (BNTX)): BioNTech’s stock price rose more than 3%. The group lowered its revenue target for 2023 by about $1.1 billion due to lower demand for Pfizer’s coronavirus vaccine.
Dish: The stock price fell more than 6% on Monday. Third quarter sales were $3.7 billion, compared to $4.1 billion in the same period last year. The group’s CEO, Eric Carlson, also said he would resign.
Lift (LYFT): Lyft stock rose. The ride-hailing company said the price cuts helped it gain market share from Uber.
Stock futures rise as Fed expectations persist
Major U.S. stock indexes on Monday were on track to further outperform last week’s gains as investors grow confident that the Federal Reserve has completed its rate hikes.
Dow Jones Industrial Average (^DJI) futures rose 0.11% (37 points) and S&P 500 (^GSPC) futures rose 0.20%. The tech-heavy Nasdaq 100 (^NDX) contract rose 0.22%.
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