Stocks rose on Monday after posting their best week this year, as hopes remained that the Federal Reserve is ready to declare an end to tightening.
The tech-heavy Nasdaq Composite (^IXIC) led the morning gains with a gain of around 0.3%. The benchmark S&P 500 (^GSPC) rose more than 0.1%, while the Dow Jones Industrial Average (^DJI) was flat.
Major U.S. stock indexes jumped on Friday after U.S. job growth slowed more than expected and wage inflation cooled, cementing optimism about an end to the Fed’s rate hikes that continued into the new week.
The yield on the 10-year Treasury note (^TNX) rose about 7 basis points to trade at nearly 4.63%.
Read more: What the Fed’s pause on rate hikes means for bank accounts, CDs, loans and credit cards
Investors will be waiting for confirmation as several Fed officials speak this week, including two appearances by Chairman Jerome Powell. The list includes regional Fed Presidents John Williams and Raphael Bostic.
Some on Wall Street have warned that optimism may be overblown and are bracing for volatility in stocks. Morgan Stanley strategist Mike Wilson warned that stocks’ comeback last week “looks more like a bear market rally than the start of a sustained upswing.”
Meanwhile, the market still has a torrent of quarterly earnings ahead of it while there is calm on the economic front. The highlight will be Disney’s (DIS) results due on Wednesday.
In commodities, oil prices jumped after top exporters Saudi Arabia and Russia confirmed last weekend that they would continue their voluntary additional production cuts. West Texas Intermediate (CL=F) crude oil futures, the U.S. benchmark, rose more than 1% to just under $82 a barrel, while global benchmark Brent crude futures (BZ =F) gained a little less than 1% and traded below $86 a barrel.
ADisney introduces new CFO Hugh Johnston
Disney (DIS) finally has a new CFO.
The company announced Monday that longtime PepsiCo (PEP) executive Hugh Johnston will become the media giant’s new senior executive vice president and chief financial officer, effective Dec. 4.
Johnston has been with PepsiCo for 34 years, where he has held various leadership positions for more than a decade, including CFO.
He was in that role when PepsiCo successfully fended off a campaign by activist investor Nelson Peltz to break up the company. Peltz is now pushing for multiple seats on Disney’s board and the stock is at record lows.
Disney shares traded flat following the announcement on Monday.
“Hugh’s well-earned reputation as one of the best CFOs in America and his extensive leadership experience in both financial and operational roles overseeing a diverse portfolio of top global brands make him a perfect fit for Disney’s leadership team,” Iger said in a press release.
“His expertise will be of great benefit to Disney and its shareholders as we continue our transformative work to drive growth and value creation.”
Read more here.
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Stocks are rising after posting their best week this year
U.S. stocks opened higher on Monday after posting their best week this year, buoyed by confidence that the Federal Reserve is done raising interest rates.
At the opening bell, the tech-heavy Nasdaq Composite (^IXIC) led the session with a gain of 0.4%, while the benchmark S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) were each up around 0.3% increased. The yield on the 10-year Treasury note (^TNX) rose about 6 basis points to trade at nearly 4.62%.
Tesla, BioNTech and Dish Network: Stock trends in premarket trading
Here are some of the stocks topping Yahoo Finance’s trend ticker page in premarket trading on Monday:
Tesla (TSLA): Shares rose over 1%. On Monday, the electric vehicle maker said it plans to build a $26,838 car, which would be its cheapest, at its factory near Berlin.
BioNTech (BNTX)): BioNTech shares rose over 3%. The group lowered its 2023 revenue target by about $1.1 billion due to lower demand for its COVID vaccine made with Pfizer.
Dish (DISH): Shares fell over 6% on Monday. Third-quarter revenue was reported at $3.7 billion, up from $4.1 billion in the same period last year. The group’s CEO, Erik Carlson, also said he would step down.
Lyft (LYFT): Lyft shares rose. The ride-hailing company said price cuts helped it gain market share from Uber.
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Stock futures rise as Fed hopes remain
Key U.S. stock indicators were expected to build on last week’s gains on Monday as investor confidence increased that the Federal Reserve is done raising interest rates.
Dow Jones Industrial Average futures (^DJI) rose 0.11%, or 37 points, while S&P 500 futures (^GSPC) rose 0.20%. Contracts on the tech-heavy Nasdaq 100 (^NDX) gained 0.22%.
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