S&P Inches Higher to Kick off New Week

Stocks edged higher on Monday, lifted by gains in some megacap technology stocks as traders entered a week dominated by corporate earnings and a Federal Reserve meeting.

The Dow Jones Industrials maintained gains of 82.48 points to 38,322.14.

The S&P acquired 14.59 points to 5,114.55.

The NASDAQ improved 54.07 points to 15,981.97.

Tesla jumped around 16.5% after clearing a key hurdle for full self-driving technology in China. Apple climbed more than 3% on the heels of a bullish upgrade from investment firm Bernstein. But gains were restricted as big tech peers Microsoft, Alphabet, Meta and Nvidia all traded lower.

Domino’s Pizza popped more than 4% after reporting Monday morning that earnings topped analysts’ expectations. Apple, McDonald’s, Coca-Cola and Amazon are also among the major companies sharing quarterly financials this week.

It is shaping up to be a strong earnings season. Of the more than 45% S&P 500-listed firms that have posted results so far, about four out of every five have surpassed expectations.

Monetary policy will take center stage later in the week, with the Fed set to release its latest interest rate announcement on Wednesday. While the central bank is widely anticipated to keep the borrowing cost unchanged, investors will still closely monitor the post announcement press conference with Chair Jerome Powell.

Prices for the 10-year Treasury advanced slightly, dropping yields to 4.63% from Friday’s 4.66%. Treasury prices and yields move in opposite directions.

Oil prices sank 83 cents to $83.02 U.S. a barrel.

Gold prices gained $3.90 to $2,351.10.