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 (NYSE: SPY): +0.90% or +40.48 points to 4,518.51
Dow Jones Industrial Average (NYSE: DIA): +1.16% or +408.17 points to 35,473.79
Nasdaq Composite Index (NASDAQ: QQQ): +0.61% or +85.16 points to 13,994.40
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 (NYSE: BRK.A) shares soared to a record high Monday following the conglomerate's strong quarterly performance. The Omaha-based company reported Saturday its operating earnings rose 6.6% year-over-year, while its cash pile grew to $147.38 billion at the end of June.
In the news, Rao's parent Sovos Brands (NASDAQ: SOVO) popped over 25% after Campbell Soup (NYSE: CPB) announced it will acquire the brang for $23 per share. The total enterprise value of the purchase totals $2.7 billion, including debt.
Tesla (NASDAQ: TSLA) CFO Zach Kirkhorn stepped down from his position, effective Aug. 4, the electric carmaker announced in a Securities and Exchange Commission (SEC) filing on Monday. The company's current Chief Accounting Officer Vaibhav Taneja was appointed as new CFO and will hold both roles. Kirkhorn will work with Tesla until the year's end to assist with the transition, according to the filing. Kirkhorn's departure is the second CFO replacement for the company in just over four years.
PayPal (NASDAQ: PYPL) on Monday launched a U.S. dollar-back stablecoin -- the first issued by a major U.S. financial institution as U.S. congressional leaders are set to vote to establish a federal regulatory framework for stablecoins.
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 (NASDAQ: AAPL) is reportedly launching its next-gen iPhone 15 around September 22, according to Bloomberg. The sales date will be after an Apple event on either September 12 or September 13, Bloomberg reported. The company reported last week in its fiscal third-quarter earnings that iPhone sales fell 2% to $39.67 billion.
Zoom Video Communications (NASDAQ: ZM) launched a new asynchronous video tool on Monday, allowing users to record, edit and share video clips without having to host a meeting. Called Zoom Clips, the video tool provides a content library where users can manage, share, rename, search for, download or delete clips.
"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 (NYSE: PLTR), and Lucid Group (NASDAQ: LCID) after closing bell. On Tuesday, companies including Eli Lilly (NYSE: LLY), UPS (NYSE: UPS) and Restaurant Brands International (NYSE: QSR) will report quarterly results before market open.
This article has finished updating.