Stocks slipped as the 10-year Treasury yield rose on Monday and investors took in a packed record high that could drive or drag out a record-setting rally.
The S&P 500 (^GSPC) fell nearly 0.4%, a new all-time closing high and sixth straight weekly gain. The Dow Jones Industrial Average (^DJI) fell nearly 0.8%, while the tech-heavy Nasdaq Composite (^IXIC) fell 0.1%.
AI chip heavyweight Nvidia ( NVDA ) briefly touched an intraday high during the session, while iPhone maker Apple ( AAPL ) was on pace to make a final high if it pared its modest gains.
Posts will roll in more rides on corporate results in the coming days. Earnings season is ramping up this week, with more than 100 S&P 500 companies lining up. So far, 80% of those in the benchmark have topped third-quarter updates.
Investors were on edge after Tesla’s ( TSLA ) report on Wednesday showed that its robotaxi launch fell short of expectations. Even after Netflix’s ( NFLX ) megacap season, the EV maker has been the highlight of the week amid questions about big tech performance.
General Motors ( GM ), Coca-Cola ( KO ), American Airlines ( AAL ), and UPS ( UPS ) were among the big winners on this week’s earnings list.
Boeing ( BA ) faces double earnings on Wednesday as workers are expected to release earnings at the same time as they vote on whether to accept a tentative deal agreed with the union to end a five-week strike. Shares of the plane maker rose more than 3% in Monday trading.
Meanwhile, the 10-year Treasury yield (^TNX) rose more than 6 basis points to 4.136%, its highest level since late July.
Oil prices rose as much as 2% alongside gains in Chinese shares ( 000300.SS ) as China continued its stimulus drive by cutting key lending rates. Global benchmark Brent futures (BZ=F) traded near $74 a barrel, while West Texas Intermediate (CL=F) crude futures hit $70, with Israel’s next move on Iran also in focus.
Shares of Netflix ( NFLX ) hit an all-time high on Monday, extending its gains last week when the streaming giant posted better-than-expected quarterly prints.
Shares briefly touched a new high of $773 during the session.
Gold hit a record, while silver rose to a 52-week high as precious metals outperformed broader markets
Gold and silver’s gains show no sign of slowing as investors continue to pour into the precious metals.
Gold futures (CG=F) rose 0.8% on Monday to touch an intraday high above $2,750 an ounce. Silver futures (SI=F) briefly rose more than 3% to $34 an ounce, a 12-year high.
Both metals outperformed the broader markets. Gold is up roughly 26% and silver nearly 35% since the start of 2024, compared to the S&P 500’s (^GSPC) gain of 19%.
Central banks are buying the yellow metal, and investors are increasingly pouring into physical-backed gold ETFs amid expectations of lower interest rates.
Disney board to announce Bob Iger successor as early as 2026: ‘a top priority’
Yahoo Finance’s Alexandra Canal reports:
Disney ( DIS ) plans to announce its next CEO as early as 2026, the first timeline the company has publicly offered for appointing a successor to current chairman Bob Iger.
The media giant made the announcement on Monday at the same time as revealing that current board member and former Morgan Stanley ( MS ) CEO James Gorman will serve as the group’s new chairman from January 2, 2025. Stanley on December 31.
“A key priority ahead of us is the appointment of a new CEO, which we expect to be announced in early 2026,” Gorman said in a press release. Enough time for a successful transition before Bob Iger’s contract expires in December 2026.”
Read more here.
Apple is on pace to close at a new record high
Shares of Apple ( AAPL ) were on pace to hit new highs on Monday after closing at a record high on Friday.
Shares of the iPhone maker rose slightly to near $235.80 apiece.
On Friday, the stock hit a record high of $235. Year to date, Apple is up more than 22%.
Fed’s Logan doubles down on strategy to cut rates ‘gradually’
Jennifer Schoenberger of Yahoo Finance reports:
Dallas Fed President Lori Logan reiterated Monday that she sees policymakers cutting interest rates “gradually.” He noted that the job market has worsened and the risk of inflation heating up has increased.
“If the economy develops as I currently expect, a strategy of gradually reducing the policy rate to a more normal or neutral level will help manage risks and achieve our goals,” Logan said at the Securities Industry and Financial Markets Association’s annual conference. Meeting in New York.
Logan said the economy is “strong and stable” but “meaningful uncertainties” remain in the outlook.
Read more here.
Nvidia rose 1% to hit an intraday high
Shares of Nvidia ( NVDA ) rose more than 1.5% early Monday, helping to offset a big decline in the Nasdaq Composite ( ^IXIC ).
Shares of the AI chip heavyweight rose above $140 each, briefly touching an intraday high of $141.
The Nasdaq was trading near the flat line as Nvidia rose.
Stocks fall as investors look for new earnings
Major averages opened slightly lower on Monday as investors awaited fresh earnings this week.
The S&P 500 (^GSPC) fell roughly 0.2%, hitting a new all-time closing high, while the Dow Jones Industrial Average (^DJI) fell 0.1%. The tech-heavy Nasdaq Composite ( ^IXIC ) fell 0.2%.
New quarterly results will come out this week, including Tesla ( TSLA ) on Wednesday. General Motors ( GM ), Coca-Cola ( KO ), American Airlines ( AAL ), and UPS ( UPS ) are among the big names on this week’s earnings list.
Boeing shares rise on temporary labor deal
Shares of Boeing ( BA ) rose as much as 4.5% in the premarket on Monday on news that the plane maker had reached a tentative labor agreement with workers who have been on strike for more than a month.
The deal would boost pay by 35% over four years and boost Boeing’s 401(k) contributions, but it Pension schemes cannot be reactivated – A key trade union demand. Analysts estimate the deal could lead to an additional $1 billion in payroll-related costs for the company.
The union will Vote on the deal on WednesdayBoeing reports its quarterly earnings on the same day. Analysts expected the plane maker to report a loss of $1.50 per share, according to Bloomberg consensus estimates.
Boeing has struggled since part of one of its 737 Max 9 planes tore off during a flight in January. Shares are down 40% this year.
Among Wall Street analysts who cover the stock tracked by Bloomberg, 19 recommend the stock a buy, while 11 have a hold rating and three say a sell. On average, analysts see Boeing shares rising to around $192 each over the next 12 months, representing a gain of more than 20%.
