Good evening.
Stocks climb, a busy earnings week, and the top 1% now has more wealth than the entire middle class.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks mainly gained on Monday, driven by investor optimism over a busy earnings week.
Companies announcing earnings this week include AT&T, American Express, Blackstone, Chipotle, IBM, Netflix, Snap, Tesla, and Verizon.
The S&P is within 1.5% of its record high, and the Dow Jones is on track for its best month since March.
Investors parsed the latest economic data from China. China’s economy grew 4.9% in the third quarter from a year earlier, slowing sharply from the previous period.
The crypto market gained on Monday, with bitcoin trading near $62k, as the U.S.’s first bitcoin ETF is expected to start trading Tuesday.
Catch Up
The top 1% of households now hold a larger share of US wealth (27%) than the entire middle class (26.6%).
China launched a nuclear-capable hypersonic missile in August that sped around the globe in low-Earth orbit before striking a target.
A trading frenzy in GameStop shares earlier WSJ this year didn't expose major weaknesses in the stock-market infrastructure, the SEC says.