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The S&P 500 rose on Monday as Wall Street began a new month of trading, with investors looking past the recent losses in silver and bitcoin
The Dow Jones Industrials zoomed 344.84 points to at 49.237.31.
The much-broader index recovered 33.40 points to 6,982.43.
The NASDAQ recouped 146.37 points to 22,608.19.
More than 100 S&P 500 companies are due to report this week, including Amazon and Alphabet. The overall reporting season has been strong thus far, but there have been some high-profile post-earnings sell-offs, including Microsoft.
Nonetheless, Deutsche Bank strategists noted this weekend that earnings growth is on track to be the strongest in four years.
On Monday, Disney reported earnings that beat analyst expectations. However, the stock still fell 6%.
Bitcoin dropped below $80,000 for the first time since April, a sign investors were taking more risk off the table following Friday’s sharp declines in gold and silver.
Silver, which has more than doubled over the past 12 months, plunged around 30% on Friday. That marked the metal’s worst one-day performance since 1980. Gold also dropped around 10%.
The cryptocurrency, as well as the two metals, later came off their respective lows Monday, which helped trim losses in equities and ease risk-off sentiment. Bitcoin last traded above $77,000, while spot gold and spot silver were down 3% and 6%, respectively.
Wall Street also turned its attention to Nvidia as questions over the artificial intelligence loomed. The Wall Street Journal reported, citing people familiar with the matter, that Nvidia’s plans to pour $100 billion into OpenAI had stalled, with chipmaker execs expressing doubt about the deal. Nvidia shares were down around than 2%.
Prices for the 10-year Treasury faded Monday, raising yields to 4.28% from Friday’s 4.25%. Treasury prices and yields move in opposite
directions.
Oil prices slid $2.94 to $62.27 U.S. a barrel.
Gold prices gave up $27.80 to $4,717.30 U.S. an ounce.
