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.
|I:COMP||NASDAQ COMPOSITE INDEX||11833.062345||+253.12||+2.19%|
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.
|I:DJI||DOW JONES AVERAGES||28865.01||+278.11||+0.97%|
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.
|JPM||JP MORGAN CHASE & CO.||101.87||+0.65||+0.64%|
|BAC||BANK 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.
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.
|USO||UNITED STATES OIL FUND L.P.||27.96||-0.74||-2.58%|
|GLD||SPDR GOLD SHARES TRUST – EUR ACC||180.44||-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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