US stocks rise as investors await major earnings, coronavirus stimulus plan
stocksrose on Monday as investors looked to major earnings on deck this week and awaited the release of the GOP's coronavirusstimulus plan.
- Gold jumped to a record high, driven by an uptick in new coronavirus cases that have added to economic uncertainty.
- Shares of Moderna surged after the company said it received an additional $472 million in funding for its COVID-19 vaccine.
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US stocks rose on Monday as investors looked to major earnings set to be released this week and awaited the release of the GOP's coronavirus stimulus plan.
Gold surged to an all-time high as increasing coronavirus cases added to economic uncertainty in the US and around the world. Silver also surged more than 7%.
This week, several companies — including the tech giants Apple, Amazon, and Alphabet, as well as McDonald's, Pfizer, and AMD — are set to report earnings. Shares of Amazon gained 1.54% Monday, while Apple and Alphabet rose 2.37% and 1.21%, respectively.
Here's where US indexes stood at the 4:00 p.m. ET market close on Monday:
- S&P 500: 3,239.51, up 0.74%
- Dow Jones industrial average: 26,586.15, up 0.44% (116.12 points points)
- Nasdaq composite: 10,677.68, up 1.86%
Read more: Jason Tauber is crushing the market this year by finding the tech companies enabling the biggest disruptions. He told us how he's adjusting his game plan as valuations soar — and 7 of his top picks today.
Investors are also closely watching developments related to the GOP's coronavirus stimulus plan, set to be introduced on Monday. Over the weekend, the extra $600 weekly unemployment benefit expired, leaving millions of unemployed Americans without the additional money.
On Sunday, Treasury Secretary Steven Mnuchin said he saw no reason that talks between Republicans and Democrats over the bill couldn't move quickly.
The Federal Open Market Committee's policy meeting begins Tuesday, with an announcement set for Wednesday.
Shares of Moderna surged after the company said it received an additional $472 million in funding for its coronavirus vaccine. Phase-three trials of the experimental vaccine began on Monday. Under Armour slipped after two executives received Wells notices from the Securities and Exchange Commission.
In economic indicators, US durable goods orders rose by more than economists expected in June, driven by an uptick in demand for motor vehicles and a pickup in activity as some states reopen.
New coronavirus cases continue to surge in the US and around the world, threatening a sharp economic recovery from the pandemic recession. US cases surged to more than 4.2 million, while global cases topped 16.2 million, according to data from Johns Hopkins University.
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