US Stocks Rise At Week's Start, Tesla Rebounds, SoFi, Lucid Shine: What's Driving Markets Monday?

Wall Street witnessed slight gains at midday on Monday, with investors eagerly awaiting a series of critical earnings reports, the Federal Reserve’s meeting on Wednesday and the much-anticipated job market report this Friday.

This week’s significant tech earnings include reports from Microsoft Corp. MSFT, Alphabet Inc. GOOGL GOOG and Advanced Micro Devices Inc. AMD on Tuesday, followed by Qualcomm Inc. QCOM on Wednesday, and Apple Inc. AAPL and Amazon.com Inc. AMZN on Thursday.

Both the S&P 500 and Nasdaq 100 saw modest increases, rising by 0.1% and 0.3%, respectively, while the Dow Jones Industrial Average remained broadly steady. Small-cap stocks outperformed their large-cap counterparts, with the Russell 2000 Index climbing 0.5%.

Tesla Inc. TSLA emerged as a notable performer among mega-cap stocks, rebounding 2.4% after a 12% decline last week.

In the bond market, Treasury yields slightly decreased, leading to gains in fixed-income securities. The iShares 20+ Year Treasury Bond ETF TLT experienced a 0.8% increase.

In commodities, gold prices, as tracked by the SPDR Gold Trust GLD, rose by 0.5%. Crude oil prices fell by 1.6% despite escalating tensions in the Middle East, following a statement from the White House regarding Iran-backed militants’ attack on U.S. troops in Jordan, with President Joe Biden vowing a response.

Bitcoin BTC/USD experienced a notable surge, rising 2.3% to reach $43,000.

Monday's Performance In Major Indices, ETFs

Major Indices	Price	Change (%)
Russell 2000	196.84	0.4%
Nasdaq 100	17,480.46	0.3%
S&P 500	4,896.79	0.1%
Dow Jones	38,072.47	-0.1%

The SPDR S&P 500 ETF Trust SPY was 0.1% higher to $487.95, the SPDR Dow Jones Industrial Average DIA edged 0.1% lower to $380.73 and the tech-heavy Invesco QQQ Trust QQQ rose 0.3% to $424.06, according to Benzinga Pro data.

Sector-wise, the Consumer Discretionary Select Sector Fund XLY outperformed, up 0.7%, aided by Tesla. The Energy Select Sector Fund XLE underperformed, down 1.1%.

Monday’s Stock Movers

• Tesla rose 2.4% after the company announced capital expenditures to exceed $10 billion in 2024 and ranging between $8 and $10 billion for each of the following two fiscal years, aimed at next-generation vehicles and AI products.
• Lucid Group Inc. LCID experienced a 20% surge in its stock value following rumors suggesting the company’s luxury electric vehicle might be selected for the next James Bond film.
• SoFi Technologies Inc. SOFI saw its stock climb more than 17% after reporting better-than-expected revenue and profits in the fourth quarter.
• Bloom Energy Corp. BE fell over 8% after Bank of America downgraded the company from Neutral to Underperform, lowering the price target.
• Amazon.com Inc. and iRobot Corp. IRBT announced a deal termination. Shares of the retail giant increased by 1%, whereas iRobot experienced a decline of over 7%.

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