The stock market opened in the green on Monday, with investors hopeful for the kickoff of third-quarter earnings seasons, as corporations will report how they have financially adjusted to the weight of the coronavirus pandemic and its impact on the economy.
The Dow Jones industrial average opened up 76 points, or nearly 0.3 percent. The S&P 500 index was up almost 24 points, or 0.7 percent, at the open, while the tech-heavy Nasdaq composite opened up almost 149 points, or almost 1.3 percent.
Amazon shares jumped with Monday’s opening bell, up 2.6 percent within a few minutes in anticipation of the e-commerce giant’s annual Prime Day sale scheduled for Tuesday and Wednesday. (Amazon founder Jeff Bezos owns The Washington Post.)
Looking ahead for this week, major banks and airline companies are expected to report their third-quarter earnings. On Tuesday, JPMorgan Chase, Citigroup, Johnson & Johnson and Delta Air Lines are scheduled to release earnings. On Wednesday, United Airlines Holdings, Wells Fargo, Bank of America and Goldman Sachs are on deck.
And investors are still closely tracking stimulus talks, remaining hopeful that the much-anticipated and oft-delayed deal will boost the economy. Last week, U.S. stocks had a volatile week of trading after President Trump and congressional leaders seesawed on the deadline for congressional stimulus aid for struggling Americans, airlines and small businesses coping with the pandemic’s financial fallout.
But by Friday, U.S. indexes wrapped up with a second straight week of overall gains. According to CNBC, last week was the Dow’s best since August, with a 3.3 percent jump. The S&P 500 and Nasdaq rose 3.8 percent and 4.6 percent, respectively, for their best weeks since July.