NEW YORK –
Stocks rose in morning trading on Wall Street Monday as investors prepare for another busy week of corporate earnings.
The S&P 500 rose 0.2% as of 10:22 a.m. Eastern. The Dow Jones Industrial Average rose 24 points, or 0.1%, to 35,114 and the Nasdaq rose 0.5%.
Retailers, travel-related companies and others that rely on direct consumer spending lead the gains. Amazon rose 3% and Carnival rose 5.5%.
Technology companies also made solid gains and lifted the broader market. Chipmaker Nvidia rose 1.9%.
Losses from some big communications companies tempered gains elsewhere in the market. Facebook’s parent, Meta, fell 2.2%.
Bond yields were relatively stable. The yield on the 10-year Treasury fell to 1.92% from 1.93% late Friday.
Investors have another busy week reviewing the latest corporate report cards. Meat producer Tyson Foods rose 11.8% after reporting strong results.
Several big companies are on deck this week to report their results, including Pfizer on Tuesday and Walt Disney on Wednesday. Twitter and Coca-Cola will report on Thursday.
Outside of earnings, several companies gained ground on buyout news. Spirit Airlines jumped 13.3% after Frontier Airlines’ parent company agreed to buy the carrier in a deal worth $2.9 billion.
Peloton rose 22.7% following reports that the exercise bike and treadmill company is a buyout target.
Wall Street is coming off of two weeks of gains following a January stumble as investors gauge the impact of rising inflation on businesses and consumers while remaining cautious about the Federal Reserve’s plan to fight inflation. The central bank plans on raising interest rates, with the first hikes expected in March, but investors are wary about the pace and quantity of rate increases in 2022.
