Stocks closed higher on Monday as the market aimed to conclude a challenging month on a positive note. The S&P 500, Dow, and Nasdaq Composite all saw gains of more than 1%. This marked the first time the Dow experienced a 1% increase since August. Megacap tech stocks, including Alphabet, Meta Platforms, Microsoft, and Amazon.com, also saw gains. However, ON Semiconductor faced a significant drop after providing a bleak fourth-quarter outlook. Treasury yields rose slightly, while oil prices retreated. Overseas stocks showed mixed results, with European indexes climbing and Japan’s Nikkei 225 falling almost 1%. Bitcoin approached $35,000 during this period.
Looking ahead, investors are eagerly awaiting Apple’s earnings report on Thursday, which will be a key focus for the week. Other companies reporting in the coming days include Caterpillar and Pfizer. Additionally, market participants are anticipating the Federal Reserve’s interest-rate decision on Wednesday, where rates are expected to remain unchanged. The jobs report for October, set to be released on Friday, also holds significance for investors.
In summary, despite a difficult month, stocks ended Monday on a positive note. The market witnessed gains in major indexes, with megacap tech stocks showing positive movement. However, ON Semiconductor faced a decline due to a disappointing fourth-quarter outlook. While treasury yields rose and oil prices retreated, Bitcoin experienced a surge and approached $35,000. Looking ahead, Apple’s earnings report, the Federal Reserve’s interest-rate decision, and the October jobs report are key events that investors are eagerly anticipating this week.