Wall Street’s major indexes edged higher Monday to record highs ahead of earnings reports this week from tech titans like Apple, Amazon and Alphabet. Keeping the market in check: caution ahead of a Federal Reserve policy meeting starting Tuesday.
The prospects for strong earnings offset concerns over the potential market impact of the COVID-19 Delta variant.
Kramer Capital Research Chief Investment Officer Hilary Kramer:
“Everyone is optimistic today as we wait for good news to come from earnings reports. This will be a strong week in the market.”
The Dow and S&P 500 gained a quarter percent, while the Nasdaq closed flat. Cryptocurrencies extended their rebound.
Bitcoin jumped around 13% to briefly poke above $40,000. A British newspaper cited an un-named insider as saying Amazon is looking to accept bitcoin payments by year-end.
Shares of Hasbro jumped over 12% after the toymaker posted a 54% jump in quarterly revenue. The stock was the top gainer on the S&P.
Tesla shares rose in after-hours trading. The electric vehicle maker posted quarterly revenue that nearly doubled and beat analysts’ expectations despite being impacted by a shortage of chips and raw materials.