- US stocks rose in early trading Monday after a seventh straight week of losses.
- Monday’s stock rally came as interest rates and commodity prices both remained bearish.
- According to Fundstrat, 94% of S&P 500 companies reported first-quarter earnings and 76% beat expected earnings.
US stocks rallied on Monday after posting losses for the seventh straight week as investors continued to digest first-quarter earnings and the effects of high inflation and interest rates.
According to Fundstrat’s data, 94% of S&P 500 companies reported first-quarter earnings, and 76% exceeded their earnings estimates by a median 9%. Meanwhile, 72% of businesses beat their sales estimates by a median 3%.
While most companies are beating earnings expectations, last week saw their biggest drop since Black Monday in 1987 due to big blunders by retail giants Target and Walmart. Both Target and Walmart had to bear high fuel and transportation costs. The inventory category did not sell well to consumers.
Here are the US indices right after the opening on Monday at 9:30 AM EST.
Charlie Munger’s Daily Journal invested $118 million in stocks over the six months ending March 31. Securities and Exchange Commission filings show. The newspaper publisher and legal software vendor financed the purchase by cashing out $81 million in other stocks and borrowing $43 million from a margin loan account during the period.
European Central Bank President Christine Lagarde said on Saturday that cryptocurrencies “have no value” and that they need to be regulated so that people don’t run out of savings.
in a Dutch student-led interview programLagarde said: “When it comes to crypto assets, what I’m really concerned about is that those investments are made by people who are open to the fact that they can lose everything.”
Tether has withdrawn and paid out $10 billion to investors since the cryptocurrency market crash in early May, causing the stablecoin to miss its dollar peg. Of that, $1 billion over the weekend, and $1.5 billion three days before that, were repaid by blockchain data analytics. reported by the Guardian.
West Texas Intermediate crude fell 0.20% to $110.06 a barrel. Brent crude, the international benchmark for crude oil, fell 0.06% to $112.48.
Bitcoin rose 0.82% to hit $30,397. The price of ether rose 1.77% to $2,065.
Gold rose 0.66% to $1,853.90 an ounce. The 10-year Treasury yield rose 3 basis points to 2.81%.