{"id":10251,"date":"2023-11-06T15:43:59","date_gmt":"2023-11-06T15:43:59","guid":{"rendered":"https:\/\/infundpros.com\/markets\/dow-edges-higher-as-stock-market-bulls-look-to-build-on-momentum-after-best-week-of-2023\/"},"modified":"2023-11-06T15:44:00","modified_gmt":"2023-11-06T15:44:00","slug":"dow-edges-higher-as-stock-market-bulls-look-to-build-on-momentum-after-best-week-of-2023","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10251","title":{"rendered":"Dow edges higher as stock-market bulls look to build on momentum after best week of 2023"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002695636\" role=\"document\">\n<p>U.S. stocks edged higher on Monday as the major indexes looked to build on their upward momentum following the best week of 2023. <\/p>\n<h2>How stocks are trading<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       was up 18 points, or 0.1%, at 32,078. <\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       was up 5 points, or 0.1%, at 4,363.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       was up 31 points, or 0.2%, at 13,510.<\/p>\n<\/li>\n<\/ul>\n<p>The Dow last week rallied 5.1%, its biggest weekly gain since the week ending Oct. 28, 2022. The S&amp;P 500 jumped 5.9% and the Nasdaq Composite gained 6.6% \u2014 the largest weekly advances since Nov. 11, 2022.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>Stocks rose last week after comments from Federal Reserve Chair Jerome Powell and signs of a cooling labor market forced bond yields sharply lower as expectations grew that the U.S. central bank was finished raising interest rates in this cycle.<\/p>\n<p>Yields on the benchmark 10-year U.S. Treasury bond<br \/>\n        BX:TMUBMUSD10Y<span>,<\/span><br \/>\n       which just a few weeks ago had traded at a fresh 16-year high above 5%, at one point on Friday dipped below 4.5%.<\/p>\n<p>However, the new week sees yields picking back up to 4.61%, which was somewhat constraining equity bulls\u2019 newfound optimism early Monday as investors awaited a series of bond auctions later in the week. <\/p>\n<p>\u201cEquities are playing second fiddle as Treasury bonds are unquestionably the primary drivers, with the S&amp;P 500 merely tagging along for the ride,\u201d said Stephen Innes, managing partner at SPI Asset Management.<\/p>\n<p>\u201cWhether the recent rebound in bonds can be sustained holds significant implications. This week\u2019s bond auctions will play a crucial role, and the upcoming [consumer-price index] release later this month will be decisive significantly, as it might eliminate the possibility of another rate hike entirely,\u201d Innes added.<\/p>\n<p>Meanwhile, the near-term outlook for the U.S. economy remained at the front of investors\u2019 minds as signs of a cooldown continued to mount. Investors are \u201csearching for \u2018what\u2019s next\u2019 and that could be either 1) A growth scare or 2) A resumption of the soft landing and disinflation narrative that push stocks higher this summer,\u201d said Tom Essaye, founder of Sevens Report Research, in a note. <\/p>\n<p>\u201cWe will all find out together via the data,\u201d he wrote.<\/p>\n<p><strong>Need to Know:<\/strong> Rally will fizzle out in a week or two, Morgan Stanley strategist Wilson says<\/p>\n<p>It\u2019s a slow start to the week in terms of economic data, with just the Federal Reserve\u2019s senior loan officer survey for October due for release at 2 p.m. Eastern Time Monday. Federal Reserve governor Lisa Cook is expected to speak at Duke University at 11 a.m. She\u2019s the only Fed policymaker set to speak Monday, according to the central bank\u2019s calendar. <\/p>\n<p>Meanwhile, the third-quarter earnings season continues, but reports are coming in at a slower pace. <strong>NXP Semiconductors<\/strong><br \/>\n        NXPI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202999625\/composite\" class=\"positive\">+0.14%<\/bg-quote><span>,<\/span><br \/>\n       <strong>Vertex Pharmaceuticals <\/strong><br \/>\n        VRTX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202259802\/composite\" class=\"positive\">+2.47%<\/bg-quote><br \/>\n       and <strong>Tripadvisor<\/strong><br \/>\n        TRIP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206118480\/composite\" class=\"positive\">+1.46%<\/bg-quote><br \/>\n       will release their results after Monday\u2019s closing bell. Highlights for the week may be <strong>Uber<\/strong><br \/>\n        UBER,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211348248\/composite\" class=\"positive\">+0.36%<\/bg-quote><br \/>\n       on Tuesday and <strong>Walt Disney<\/strong><br \/>\n        DIS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203410047\/composite\" class=\"positive\">+0.23%<\/bg-quote><br \/>\n       on Wednesday.<\/p>\n<p><strong>See:<\/strong> Disney and other entertainment giants report after upbeat results from peers, but investors are getting harsher on companies that don\u2019t deliver<\/p>\n<p>With 81% of S&amp;P 500 companies having reported results, 82% of those have delivered a positive earnings-per-share surprise and 62% have posted a positive revenue surprise, according to John Butters, senior earnings analyst at FactSet. However, stocks\u2019 reaction has been mixed, likely due to a high bar for forward guidance, as Barron\u2019s reported.<\/p>\n<h2>Companies in focus<\/h2>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-show-stocks-extending-latest-rally-4a0996e2?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks edged higher on Monday as the major indexes looked to build on their upward momentum following the best week of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":10252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-10251","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow edges higher as stock-market bulls look to build on momentum after best week of 2023 | inFundPros<\/title>\n<meta name=\"description\" content=\"U.S. stocks edged higher on Monday as the major indexes looked to build on their upward momentum following the best week of 2023. 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