Here are today’s market moves:
S&P 500 up 0.36% to 3,855.36
Dow Jones down 0.12% to 30,960.00
Nasdaq up 0.69% to 13,635.99
Gold: $1,855.40
Bitcoin: $32,202
US10Y: 1.033%
What Happened?
The S&P 500 and the Nasdaq composite rose ahead of earnings reports this week from several major technology companies, including Apple, Microsoft, Facebook, and Tesla.
More than one-fifth of the S&P 500 and one-third of the Dow Jones are expected to release earnings this week.
The S&P 500 is coming off its best week since November, and investors are searching for fresh catalysts to drive the index higher.
Lawmakers said an aid package was not likely before mid-March and a U.S. health official voiced concern about vaccine delays.
Stumbles in the distribution of vaccines and the spread of new strains of coronavirus have helped boost tech stocks, which benefit when people are ordered to stay at home.
Options trading hit a record in 2020, with close to 7.5 billion contracts traded. Speculation in the options market has hit a level not seen since the dot-com boom two decades ago.
GameStop shares were up 150% to $159.18 earlier today, before falling back to $76 by the end of the day. The rally has been accelerated by traders on reddit encouraging each other to buy GameStop shares and options.
What Else?
This Week
Monday: Earnings expected from Kimberly-Clark.
Tuesday: Earnings expected from 3M, General Electric, Microsoft, Starbucks, Verizon, and Texas Instruments; Data on U.S. home prices and consumer confidence.
Wednesday: Earnings expected from Apple, Facebook, and Tesla; FOMC monetary policy decision and briefing by Chair Jerome Powell.
Thursday: Weekly jobless claims and fourth-quarter GDP released; Earnings expected from Altria, Mastercard, McDonald’s, and Visa.
Friday: Earnings expected from Chevron, Caterpillar, and SAP.