Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)
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  • US stocks jumped to record highs on Monday as upbeat earnings continue to boost investor optimism.
  • Of the 55% S&P 500 companies that have already reported earnings, 81% beat earnings estimates by a median of 9%.
  • Investors have their eyes on the Fed's upcoming meeting on Tuesday and Wednesday.

US stocks moved higher on Wednesday, extending their record run into November as strong third-quarter earnings continue to boost investor optimism.

Of the 55% S&P 500 companies that have already reported earnings, 81% of them beat earnings estimates by a median of 9%, according to data from Fundstrat. Meanwhile, 71% of the companies beat revenue estimates by a median of 4%.

Investors also have their eyes on the Federal Reserve's upcoming meeting of the Federal Open Market Committee, during which they're expected to reveal plans to unwind their $120 billion monthly bond buying program.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

Bill Ackman is advising the Fed to end its stimulus programs immediately, and begin to raise interest rates very soon. Investors don't expect the Fed to raise interest rates until the end of 2022 or early 2023. Ackman sees the monetary policy shift as necessary to combat rising inflation and cool-down a hot economy.

Lucid Group jumped as much as 9% on Monday, extending its week long gain to nearly 60% as the EV company began deliveries of its Air sedan and received positive reviews.

Crypto exchange Binance is halting customer withdrawals as it says it is struggling to deal with a large backlog of requests.

Burger King is partnering with Robinhood to give away $2.6 million of crypto to the fast food chain's loyalty club members.

West Texas Intermediate crude oil jumped 1.12%, to $84.51 per barrel. Brent crude, oil's international benchmark, rose 1.33%, to $84.83 per barrel.

Gold jumped as much as 0.33%, to $1,789.80 per ounce.

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