Stocks finished higher on Monday, with tech stocks surging as Wall Street tried to shake off last week's tide of red ink.
The Dow Jones Industrial Average finished up 216 points, or 0.58%, while the S&P 500 gained 1.41% and the tech-heavy Nasdaq jumped 2.20%.
Boeing (BA) -) shares tumbled 8% following the grounding of its 737 Max 9 fleet on the back of Friday's Alaska Airlines fuselage blowout.
Meanwhile, tech stocks climbed out of last week's slump, with Nvidia (NVDA) -), Apple (AAPL) -) and Amazon (AMZN) -) all finishing in the green.
Updated at 2:18 PM EST
All in the green
Stocks are powering higher into the final hours of trading, with the Dow shaking-off the drag of Boeing shares, as oil prices and Treasury yields extend their declines alongside the U.S. dollar.
The S&P 500 was last marked 45 points, or 0.96% higher on the session, while the Dow gained 77 points, Big moves for Apple, Nvidia (NVDA) -) and Microsoft (MSFT) -) helped the Nasdaq to a 258 point jump.
Updated at 11:18 AM EST
It's all about the gas
Some interesting developments on the inflation front as gas prices test the lowest levels in more than two and a half years amid the ongoing slump in global crude.
The New York Fed's inflation expectations survey, published Monday, shows year-ahead consumer price forecasts at the lowest levels in three years. That's pulling Treasury yields lower into the mid-day session and adding more support to broader stock prices.
The S&P 500 was last marked 22 points, or 0.48% higher on the session as benchmark 10-year note yields slipped below the 4% mark to change hands at 3.992%.
Related: Gasoline prices fall, testing $3 a gallon, as crude oil slumps on demand concern
Updated at 10:11 AM EST
Boeing and bonds
An early pullback in Treasury yields has stocks in the green to start the trading day, with benchmark 10-year notes falling 4 basis points to 4.006% and 2-year notes easing 4 basis points to 4.345%.
The S&P 500, as a result, is marked 18.8 pints, or 0.4%, higher in the opening hour of trading, while the Nasdaq is up 148 points, or 1.02%, amid a solid early gain for Apple.
Boeing's 8.6% slump, meanwhile, has the Dow down 155 points.
Related: Apple higher as February Vision Pro headset sale date offsets iPhone concern
Updated at 8:40 AM EST
Cautious open
Boeing is still holding down the Dow, and likely to shave around 115 points from the average at the start of trading, but stocks are starting to edge cautiously into the green as
The S&P 500 is set to open 2 points higher, with the Nasdaq looking at a 23 point gain. The Dow is called 114 points lower.
Updated at 7:15 AM EST
Boeing blowout
Boeing shares are taking around 132 points from the Dow Jones Industrial Average this morning as investors dump the stock following the grounding of its 737 Max 9 fleet on the back of Friday's Alaska Airlines fuselage blowout.
Related: Boeing tumbles as FAA grounds 737 Max 9 following Alaska Airlines blowout
Stock Market Today
The S&P 500 snapped a nine-week winning streak at the close of trading on Friday, its longest since 1989, following a stronger-than-expected December jobs report and a notable move higher in Treasury bond yields that looks to test the market's thesis on near-term rate hikes from the Federal Reserve.
Treasury yields are likely to be in focus again this week as investors await a $37 billion auction of 10-year notes Wednesday and a $21 billion sale of 30-year bonds the following day, as well as December consumer-price-inflation data slated for Thursday at 8:30 a.m. U.S. Eastern Time.
Benchmark 10-year notes were last seen little changed from Friday's close at 4.048% while 2-year notes traded at 4.381% in the early New York session.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.05% higher from Friday's close at 102.461.
JPMorgan (JPM) -) will lead a parade of big-bank earnings Friday to kick off the start of the fourth-quarter-earnings season. Analysts are looking for collective S&P 500 profits to rise 5.2% from a year earlier to a share-weighted $457.2 billion.
Investors are also likely to track developments in Washington this week after congressional leaders agreed to broad terms of a $1.59 trillion spending deal that could avert a partial government shutdown.
House members will need to pass the detail bill by Jan. 19, with a larger deadline looming on Feb. 2, to avoid yet another debt-and-spending standoff in Washington.
Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500, which fell 1.5% last week, are indicating a 5 point opening-bell decline to start the session.
Futures tied to the Dow Jones Industrial Average, meanwhile, are priced for a 160 point decline thanks to an 8% slump for Boeing, which suffered a major incident with the fuselage of an Alaskan Airlines 737 Max aircraft on Friday.
The tech-focused Nasdaq is called 6 points lower.
In overseas markets, Europe's Stoxx 600 was marked 0.31% lower in early Frankfurt trading while Britain's FTSE 100 fell 0.37% in London.
Overnight in Asia, stocks in China neared the lowest levels in five years amid deepening concern over the fate of its post-covid recovery and the government's ability to kickstart growth. That pulled the regionwide MSCI ex-Japan benchmark 0.91% lower into the close of trading.
The Nikkei 225 in Japan was closed for the country's annual Old Age Day holiday.
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