Stocks Claw Back Some of Last Week's Losses

There's a big week of earnings reports ahead
By Newser Editors and Wire Services
Posted Apr 22, 2024 3:42 PM CDT
Stocks Claw Back Some of Last Week's Losses
American flags hang from the front of the New York Stock Exchange.   (AP Photo/Peter Morgan)

On Monday, US stocks clawed back some of their losses from last week.

  • The S&P 500 rose 43.37 points, or 0.9%, to 5,010.60, to recover more than a quarter of last week's rout.
  • The Dow Jones Industrial Average rose 253.58 points, or 0.7%, to 38,239.98.
  • The Nasdaq composite rose 169.30 points, or 1.1%, to 15,451.31.
Technology stocks led the way as yields stabilized in the bond market. Bank stocks were also strong following better profits than expected from Truist Financial and others, the AP reports.

Nvidia leaped 4.4%, and Apple climbed 0.5%. Truist Financial rose 3.4% for one of the market's biggest gains after it reported better profit for the start of the year than analysts expected. That helped offset a 3.4% drop for Tesla, which announced more cuts to prices over the weekend. Elon Musk's electric-vehicle company has seen its stock drop more than 40% already this year, and it will report its first-quarter results on Tuesday. It's a big week for earnings reports generally, with roughly 30% of the companies in the S&P 500 scheduled to say how much they made during the year's first three months.

That includes several companies that have come to be known as part of the "Magnificent Seven," beyond Tesla. This handful of companies was responsible for the majority of the S&P 500's big gain last year, raising the bar of expectations for them to justify their stock prices. Verizon Communications helped kick off this week's reports by disclosing a drop in profit that wasn't as bad as analysts expected. It cited price increases and other measures to support its revenue. Verizon's stock swung from an early gain to a loss of 4.7% after it reported weaker revenue for the first quarter than expected and kept its forecast for full-year profit the same. (More stock market stories.)

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