Stocks rallied higher on Monday as traders looked ahead towards a busy week for third-quarter corporate earnings. The Dow Jones Industrial Average climbed over 300 points, while the S&P 500 Index and Nasdaq Composite added 1% and 1.2%, respectively.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Monday's moves were driven by a strong start to the third-quarter earnings season, with JPMorgan Chase
The week ahead will host earnings reports for 11% of the S&P 500, with results from Bank of America
Wall Street is also continuing to monitor ongoing developments of the Israel-Hamas war over the weekend. Notably, President Joe Biden told CBS's "60 Minutes" in an interview on Sunday that the United States plans to aid Israel and Ukraine in their efforts against Hamas and Russia, respectively.
"We're the United States of America for God's sake, the most powerful nation in the history-- not in the world, in the history of the world. The history of the world. We can take care of both of these and still maintain our overall international defense."
Elsewhere, Philadelphia Federal Reserve President Patrick Harker on Monday acknowledged that the central bank's interest rate hikes have impacted housing affordability in the United States. In remarks before the Mortgage Bankers Association, Harker said he is "fully aware of the way the actions we on the [Federal Open Market Committee] have taken over the past 18 months in our efforts to tame inflation and get it back down to our 2% annual target have, in their own way, contributed to the current mortgage climate."
Pfizer
On Monday, Jefferies analyst Akash Tewari upgraded the firm's rating on Pfizer to Buy, calling shares an attractive buying opportunity. "In our view, PFE has one of the most intriguing catalyst paths over the next yr in large cap pharma and trades ~15% below where it traded at the start of the COVID pandemic," Tewari said in a note.
Rite Aid
For Tuesday, Wall Street will react to earnings from Goldman Sachs, Bank of America, Johnson & Johnson, Lockheed Martin