Stocks were mostly higher on Monday, with the Dow Jones Industrial Average outperforming the broader market, as market participants look ahead towards a busy week of fourth-quarter earnings results and economic data. The Dow climbed over 350 points and the S&P 500 Index added about 0.2%, while the tech-heavy Nasdaq Composite slipped 0.4% lower.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Moving Markets:
U.S. Consumers continue to expect inflation to remain above the Federal Reserve's 2% target for at least the next five years, the New York Fed's monthly Survey of Consumer Expectations released Monday showed. In December, consumers' one-year outlook was unchanged at 3% from the previous month, 3% for the three-year outlook and 2.7% on a five-year basis.
In the News:
Jefferies analyst James Heaney downgraded Pinterest
"PINS has struggled to move beyond experimental brand budgets into 'always on' performance budgets," Heaney wrote in a Monday note to clients. "While PINS has made progress with some lower funnel ad tools (e.g. Direct Links), our checks suggest that PINS hasn't been able to progress beyond 5% of spend for most performance advertisers."
Johnson & Johnson
"This unique opportunity to add Intra-Cellular Therapies to our Innovative Medicine business demonstrates our commitment to transforming care and advancing research in some of today's most devastating neuropsychiatric and neurodegenerative disorders," said JNJ CEO Joaquin Duato in a statement.
For Tuesday:
Market participants will turn their attention towards December's producer price index reading due out Tuesday morning.
