Tech jumps ahead of Amazon Prime Day, Apple reveal

By Chris Ciaccia FOXBusiness

JPMorgan Chase, Citigroup, BofA and Wells Fargo lead earnings parade this week.

U.S. stocks kick off the week higher Monday morning, as earnings season gets ready to start and ahead of two key events.

Tech Takes Lead 

Large-cap tech taking the lead as Amazon and Apple jump.

Starting Tuesday and continuing on Wednesday, Amazon will hold its “Prime Day” shopping extravaganza to kick off the holiday shopping season. The Jeff Bezos-led company does not reveal sales for the annual event, but some analysts are expecting close to $10 billion in sales over the two days.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11833.062345+253.12+2.19%
AMZNAMAZON.COM INC.3,444.36+157.71+4.80%
AAPLAPPLE INC.122.98+6.01+5.14%

On Tuesday, Apple is widely expected to unveil its 5G-enabled iPhone at an event in California.

The Dow Jones Industrial Average and the S&P 500 also moving higher as investors focus on financials.

TickerSecurityLastChangeChange %
SP500S&P 5003529.26+52.13+1.50%
I:DJIDOW JONES AVERAGES28865.01+278.11+0.97%

EARNINGS SEASON

The major U.S. banks are set to kick-off earnings season this week, as JPMorgan Inc., Citigroup Inc. and Bank of America Corp. all report later this week.

TickerSecurityLastChangeChange %
JPMJP MORGAN CHASE & CO.101.87+0.65+0.64%
CCITIGROUP INC.45.45+0.54+1.20%
BACBANK OF AMERICA CORP.25.54+0.17+0.69%

STIMULUS PROGRESS TURNS DOW POSITIVE FOR 2020, S&P, NASDAQ WIN BEST WEEK SINCE JULY

In deal news, Twilio rising after announcing plans to acquire Segment for approximately $3.2 billion.

“Together, Twilio and Segment have an incredible opportunity to build the customer engagement platform of the future,” said Peter Reinhardt, Segment’s co-founder and CEO.

TickerSecurityLastChangeChange %
TWLOTWILIO INC321.70+15.47+5.05%

Overseas, economic news out of China also appeared to be helping sentiment, after the country returned from its eight-day Mid-Autumn festival that was aided by strong tourism and slowing coronavirus cases, Reuters reported.

TickerSecurityLastChangeChange %
USOUNITED STATES OIL FUND L.P.27.96-0.74-2.58%
GLDSPDR GOLD SHARES TRUST – EUR ACC180.44-0.65-0.36%

West Texas Intermediate crude oil was falling on Monday, down more than 1% to $40.02 a barrel. Gold ticked up to $1,928.90 an ounce, a gain of 0.1%.

European stocks were also mostly higher, with the Stoxx Europe 600 gaining 0.4%. The German DAX, and French CAC 40 were both up 0.3%, but the FTSE 100 fell slightly.

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