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Stocks rise as Fed hopes remain in play


Stocks rose Monday after posting their best week this year, as hopes persisted that the Federal Reserve was ready to end tightening.

The tech-heavy Nasdaq Composite (^IXIC) led gains mid-morning, up about 0.3%. The benchmark S&P 500 (^GSPC) rose more than 0.1% while the Dow Jones Industrial Average (^DJI) traded flat.

Major U.S. stock indexes soared Friday after U.S. job growth slowed more than expected and wage inflation eased, reinforcing optimism that rate hikes will end Fed interest rates that persisted into the new week.

The yield on the 10-year Treasury note (^TNX) rose about 7 basis points to trade near 4.63%.

Learn more: What the Fed’s Rate Hiking Pause Means for Bank Accounts, CDs, Loans and Credit Cards

Investors will await confirmation when several Fed officials speak this week, including two appearances by Chairman Jerome Powell. Regional Fed presidents John Williams and Raphael Bostic are among those on the list.

Some on Wall Street have warned that optimism could be excessive and to prepare for stock volatility. Mike Wilson, a strategist at Morgan Stanley, warned that stocks’ rally last week “looks more like a bear market rally than the start of a sustained recovery.”

At the same time, the market still has a stream of quarterly results to come, while the calendar is calm on the economic front. Disney’s (DIS) results, due Wednesday, are the highlight.

In the commodities sector, oil prices jumped after major exporters Saudi Arabia and Russia confirmed over the weekend that they would continue further voluntary production cuts. Futures for West Texas Intermediate crude (CL=F), ​​the U.S. benchmark, rose more than 1% to just under $82 a barrel, while futures for Brent crude (BZ=F), the global benchmark, increased by just under 1% to trade below $86. a barrel.

  • Disney unveils its 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 held several leadership positions, including chief financial officer, for more than a decade.

    He served 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 more seats on Disney’s board, and the stock is at an all-time high.

    Disney shares were flat following Monday’s announcement.

    “Hugh’s well-deserved reputation as one of America’s top CFOs and his wealth of leadership experience in financial and operational roles overseeing a diverse portfolio of leading global brands make him a perfect addition to the executive team from Disney,” Iger said in a statement. Press release.

    “His expertise will benefit Disney and its shareholders as we continue the transformational work we are doing to drive growth and value creation.”

    Learn more here.

  • Stocks rise after posting best week of the year

    U.S. stocks opened higher on Monday after posting their best week this year, buoyed by optimism that the Federal Reserve is done raising interest rates.

    At the opening bell, the tech-heavy Nasdaq Composite (^IXIC) led the session, up 0.4%, while the benchmark S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) each climbed about 0.3%. The yield on the 10-year Treasury note (^TNX) rose about 6 basis points to trade near 4.62%.

  • Tesla, BioNTech and Dish Network: Stock Trends in Pre-Market Trading

    Here are some of the stocks topping Yahoo Finance’s trend tickers page in premarket trading Monday:

    Tesla (TSLA): Shares rose more than 1%. On Monday, the electric vehicle maker announced plans to build a $26,838 car, which would be the least expensive, at its factory near Berlin.

    BioNTech (BNTX)): Shares of BioNTech rose more than 3%. The group reduced its 2023 revenue target by around $1.1 billion due to falling demand for its Covid vaccine made with Pfizer.

    Flat (FLAT): Shares fell more than 6% on Monday. It reported third-quarter revenue of $3.7 billion, up from $4.1 billion in the same period a year ago. The group’s CEO, Erik Carlson, also announced that he would resign.

    Lyft (LYFT): Lyft shares rose. The ride-hailing company said the price cuts helped it gain market share against Uber.

  • Stock Futures Rise as Fed Hopes Persist

    Major U.S. stock indicators are expected to build on last week’s gains on Monday, amid increased investor confidence that the Federal Reserve is done with rate hikes.

    Dow Jones Industrial Average futures (^DJI) rose 0.11%, or 37 points, while S&P 500 futures (^GSPC) rose 0.20%. Contracts on the technology-heavy Nasdaq 100 (^NDX) rose 0.22%.

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