Reuters/Brendan McDermid
- US stocks eked a small recovery Monday morning after a three-week selloff.
- All three indexes traded higher as investors looked ahead to key earnings reports this week.
- Markets are also anticipating Powell to deliver remarks on the US economy on Friday.
US stocks saw a small bounceback Monday morning as traders looked ahead to key earnings reports this week and Fed Chairman Jerome Powell's upcoming speech at Jackson Hole.
After a three-week slump in equities, investors are eyeing major firms in the AI space to report financials this week, which could swing the market higher. Nvidia and Snowflake are set to report their earnings on Wednesday. That comes at the tail end of a strong second-quarter earnings season, with 79% of S&P 500 companies that have reported results surpassing analysts' expectations, according to FactSet data.
Markets are also anticipating Powell to deliver remarks on the US economy at the central bank's Jackson Hole Symposium on Friday. That could be the perfect opportunity to jolt stocks back on their bullish path, according to Fundstrat's head of research Tom Lee.
Here's where US indexes stood after the 9:30 a.m. opening bell on Monday:
- S&P 500: 4,380.71, up 0.25%
- Dow Jones Industrial Average: 34,516.68, up 0.05% (16.02 points)
- Nasdaq Composite: 13,346.24, up 0.42%
Here's what else is going on today:
- The global stock market has been buoyed by "stupid" people ignoring the risks in China and Russia, according to one veteran investor.
- There are parallels to the dot-com bubble showing in the current market, according to legendary investor Jeremy Grantham.
- Russia is so desperate to get its billionaires and massive wealth back it just threatened to seize the assets of a $13 billion oligarch.
In commodities, bonds, and crypto:
- Oil prices traded higher. West Texas Intermediate crude oil climbed 0.75% to $81.86 a barrel. Brent, the international benchmark, inched higher 0.54% to $85.26 a barrel.
- Gold edged up 0.34% to $1,895.85 per ounce.
- The yield on the 10-year Treasury rose 5 basis points to 4.314%.
- Bitcoin dipped 0.64% to $25,991.87.