Stock market today: Live updates

[Pelican Press 0]

Stock market today: Live updates

Traders work on the floor of the New York Stock Exchange on April 1, 2024.

Brendan Mcdermid | Reuters

U.S. stocks rose on Monday, rebounding from last week’s sell-off following strong Goldman Sachs earnings, hot retail data and hopes that the conflict in the Middle East won’t further escalate.

The Dow Jones Industrial Average gained 370 points, or 1%. The S&P 500 climbed 0.7%, and the Nasdaq Composite advanced 0.7%.

Goldman Sachs popped more than 5% after beating Wall Street expectations on both lines in the first quarter. JPMorgan shares gained nearly 2% in Monday’s session, erasing some losses after dropping 6% Friday amid concerns about what the financial giant may generate from lending in the year ahead.

Wall Street also got a boost from fresh economic data. Retail sales increased 0.7% for the month of March, providing the latest indication that consumption ******** strong in spite of inflationary pressures. That pace was higher than the 0.3% consensus forecast of economists polled by Dow Jones.

Those releases helped investors look past Iran’s launch of drones and missiles on ******* on Saturday night, marking the first direct ******* on ******* from Iranian territory. While the majority of the threats were intercepted, concerns of retaliation remain. 

Gold futures dipped slightly to trade at $2,369.90 an ounce. Bullion hit a record level last week and is up around 15% this year as investors seek safety from sticky inflation and geopolitical tensions.

Oil prices fell despite rising in the last few weeks prior to the *******. That, along with the potential for *******’s response to be measured given the country thwarted the *******, offered positive signs for traders.

“Historically, geopolitical shocks cause short-term volatility, not long-term market declines,” said Emily Bowersock Hill, CEO of Bowersock Capital Partners. “In this current environment, however, the risk of an extended ******* of volatility is higher, given the inflationary oil price shocks that may emanate from the heightened tensions in the Middle East.”

How ******* Prime Minister Benjamin Netanyahu will respond to the ******* is a key outstanding question, said Krishna Guha, Evercore ISI senior managing director, in a Sunday note. The Biden administration has made it clear it does not want ******* to retaliate, he noted. 

“Provided that Netanyahu looks like he is willing to follow U.S. advice, there may be some element of a relief rally in markets Monday,” Guha said. “However, our colleagues in the energy team do not expect a big retracement in the price of oil.”

Monday’s action also comes of the heels of a tough week on Wall Street, as lingering inflation concerns and a poor start to the new corporate earnings season weighed on traders. Both the Dow and S&P 500 saw their worst weekly performances since 2023.

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