This week's main event will be U.S. consumer-price data, scheduled for Wednesday. Earnings season will also kick off, with PepsiCo, Delta Air Lines set to report Thursday and a slew of financial firms including JPMorgan and BlackRock on Friday.
Stocks rose. All three major indexes finished higher, with the Dow industrials leading the way, after all three fell last week.
Large tech companies were a weak spot. Microsoft, Apple, Amazon.com and Alphabet were all down. Meta Platforms outperformed its peers, finishing in the green, as its new Threads microblogging service topped 100 million sign-ups.
U.S. Treasury yields slipped after climbing sharply last week. The yield on the benchmark 10-year Treasury note settled at 4.006%, having closed at 4.047% Friday.
Fed officials continued to prepare investors for higher interest rates. Rates "will need to move up" before holding stable for a while, Cleveland Fed President Loretta Mester said Monday, citing a stronger-than-expected economy.
Icahn Enterprises' stock rose about 20% after the Journal reported that Carl Icahn had finalized loan agreements that untie his personal loans from the trading price of his company’s shares.
Overseas, Chinese stocks lost steam. Hong Kong’s Hang Seng Index rose 2.7%, led by technology stocks, before giving back gains after the inflation data. It closed up 0.6%. Other global indexes were narrowly mixed.
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July 11, 2023 at 04:30AM
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Stock Market Today: Dow, S&P 500 Close Higher; Bank Earnings Later This Week - The Wall Street Journal
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