News Tech: US stocks closed after reversing in Monday afternoon trading as investors contrasted Bank of America’s strong earnings and rising bond yields ahead of hints of further earnings this week. Market participants brace for a surge in profits that will help them assess the impact of the Ukraine war and soaring inflation on companies’ finances. Netflix, Tesla, Johnson & Johnson, and International Business Machines all report this week. This, combined with low trading volumes after the Easter holidays when European markets remained closed on Monday, contributed to the upside trading session.
“The market is looking for direction. Do we get it from our income – maybe. Jack Janasiewicz, Portfolio Manager and Principal Portfolio Strategist at Natixis Investment Manager, said: “What China will look like with its zero-coronavirus policy, and how the Fed will see interest rates and inflation going forward. “The most important factor remains whether we are watching.” Provides clear direction. With that in mind, I wouldn’t be shocked if the range continues to trade. ”
Expectations of a series of rate hikes threaten to undermine their future earnings. But Tesla has risen as it prepares to reopen its Shanghai factory after nearly three weeks of his COVID-induced shutdown. Most of the S&P’s 11 major sectors fell. The energy index was one of the few outliers. Oil prices soared, with Brent crude surpassing $114 a barrel on Libya’s debt default, fueling concerns about global supply shortages.