June 23, 2024

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U.S. Stocks May Extend Last Week’s Run To Record Highs

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Following the rally seen to close out the previous week, stocks may see further upside in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.4 percent.

The markets may continue to benefit from optimism about the outlook for earnings from major tech firms, with Intel (INTC), IBM Corp. (IBM) and Netflix (NFLX) among the companies due to release their quarterly results this week.

Earnings news from big-name companies like 3M (MMM), General Electric (GE), Johnson & Johnson (JNJ), Procter & Gamble (PG), Verizon (VZ), AT&T (T) and Tesla (TSLA) is also likely to attract attention in the coming days.

Meanwhile, the U.S. economic calendar is relatively quiet to start the week but picks up considerably as the week progresses.

Traders are likely to keep a particularly close on a report on personal income and spending, as it includes readings on inflation said to be preferred by the Federal Reserve.

Reports on durable goods orders, new home sales and fourth quarter GDP are also scheduled to be released in the latter part of the week.

Stocks moved sharply higher over the course of the trading session on Friday, adding to the strong gains posted during Thursday’s session. With the continued upward move, the Dow and the S&P 500 set new record closing highs, while the tech-heavy Nasdaq reached its best closing level in two years.

The major averages all close firmly in positive territory, with the Nasdaq posting a standout gain. The Nasdaq spiked 255.32 points or 1.7 percent to 15,310.97, the S&P 500 surged 58.87 points or 1.2 percent to 4,839.81 and the Dow jumped 395.19 points or 1.1 percent to 37,863.80.

For the holiday-shortened week, the Nasdaq soared by 2.3 percent, the S&P 500 shot up by 1.2 percent and the Dow advanced by 0.7%.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index jumped by 1.6…

2024-01-22 08:44:51

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