Stocks rose on Monday as investors started another week full of second-quarter corporate earnings and inflation data on a high note. The Dow Jones Industrial Average soared over 400 points, while the S&P 500 Index and Nasdaq Composite added 0.90% and 0.60%, respectively.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
The week's strong start comes as much of the recent summer rally has lost steam, with all three market benchmarks ending the last week lower after new economic data showed the labor market was cooling. Another key inflation report is expected to capture much of the market's attention this week as investors look ahead towards the Federal Reserve's next policy decision in September.
In the spotlight, Berkshire Hathaway
In the news, Rao's parent Sovos Brands
Tesla
PayPal
Called PayPal USD, the stablecoin is designed to "transform payments in web3 and digitally native environments." The company said stablecoins work to reduce friction for virtual payments and allow direct transactions for developers. The digital coin is redeemable in dollars and is backed by dollar deposits, short-term U.S. treasuries and other cash equivalents.
"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," said CEO Dan Schulman in a statement. "Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD."
Apple
Zoom Video Communications
"Many people are turning to asynchronous video tools as a quick and easy way to record themselves and their screens and send high-quality, short-form videos to colleagues and customers," David Ball, Zoom's meetings and chat product manager, wrote in the blog post this morning announcing Clips. "With our new asynchronous video offering, you can demonstrate important information with teammates in a pinch, add a personal touch to your collaboration or just share a detailed project update without having to join a live meeting."
Looking ahead, market participants will react to earnings from Palantir Technologies
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