Wall Street's main indexes rose on Monday, boosted by megacap growth stocks ahead of a busy week of earnings and interest rate decisions from major central banks, including the Federal Reserve.
"Last week, it was so down because the earnings especially on those big tech companies were not as good as expected," said Joe Saluzzi, partner and co-founder at Themis Trading in Chatham, New Jersey.Analysts now expect aggregate annual S&P earnings growth of 4.3%, bigger than the 1.6% increase seen at the beginning of October, according to LSEG data.The Fed is widely expected to keep interest rates unchanged at the end of its policy meeting on Nov.
The October non-farm payrolls report due on Friday will provide further cues on the interest rate path. The Bank of England and the Bank of Japan would also be announcing rate decisions this week, with the latter set to consider a further adjustment to its yield curve control framework, per a Nikkei report."Because the offensive is not as big as everyone expected, on the margin this is good news for markets," said Anthi Tsouvali, multi-asset strategist at State Street Global Markets.
The S&P index recorded no new 52-week high and 44 new lows, while the Nasdaq recorded 10 new highs and 262 new lows.U.S. Department of Energy reviews for liquefied natural gas export permits have lengthened under President Joe Biden's administration to 11 months or more, from seven weeks, according to government data.
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