- Technology stocks moved higher on Monday as investors prepared for a barrage of earnings from mega-cap giants this week like Apple, Amazon, and Tesla.
- The Nasdaq 100 Index traded up as much as 1% on Monday even as other major stock market indexes were flat.
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US stocks started the week off mixed on Monday, with investors bidding up technology shares as they prepare for a barrage of earnings reports from mega-cap companies like Apple, Amazon, and Tesla.
The Nasdaq 100 traded up as much as 1% in early trades, whereas the Dow Jones and S&P 500 were either flat or down.
One analyst expects Apple to report an “eye-popping” earnings report on the heels of a upgrade supercycle to the new iPhone 12 models. The company could report its first quarter with more than $100 billion in revenue.
Here’s where US indexes stood after the 9:30 a.m. ET open on Monday:
- S&P 500: 3,852.42, up 0.29%
- Dow Jones industrial average: 30,935.14, down 0.20% (61.84 points)
- Nasdaq composite: 13,694.77, up 1.07%
Investor enthusiasm in select names appeared to hit extended levels as an epic short squeeze in names like GameStop and BlackBerry led to gravity-defying rallies.
The rally in cryptocurrencies spilled over to Ethereum on over the weekend, with the crypto asset hitting new record-highs and soaring as much as 21% in a single day.
While stocks continue to move higher, analysts at Goldman Sachs are warning investors that a vaccine resistant COVID-19 strain could cut 2021 growth by more than a third.
Oil prices fell. West Texas Intermediate crude dropped as much as 0.11%, to $52.21 per barrel. Brent crude, oil's international benchmark, declined 0.05%, to $53.38 per barrel, at intraday lows.
Gold rose as much as 0.41%, to $1,863.90 per ounce.