Dow rises Monday, heads for 11th straight day of gains: Live updates


A dovish Fed pivot next week could see investors move out of FAANG stocks, says Fundstrat's Tom Lee

The Dow Jones Industrial Average rose Monday, headed for its longest winning streak since February 2017, to kick off a busy week of key earnings reports and a major policy decision from the Federal Reserve.

The 30-stock Dow gained 187 points, or 0.54%, on track for an 11th straight day of gains. The S&P 500 rose 0.44%, while the Nasdaq Composite added 0.16%.

Energy stocks led gains in the S&P 500, with the sector up more than 2% after oil and gasoline futures touched a three-month high Monday. Chevron rose more than 2% after the oil giant reported preliminary second-quarter adjusted earnings Sunday that topped analysts’ estimates.

Stocks continued to grind higher even after a 10-day advance for the Dow Jones Industrial Average. The blue-chip Dow eked out a 2.51-point gain on Friday, marking its longest rally since 2017. The S&P 500 finished the week up by 0.7%, while the Nasdaq Composite fell 0.6% in the same period.

“So far, there’s no evidence of a recession. So as long as there’s no evidence of recession, and I think the market will probably continue to melt up; people are chasing,” Steve Eisman, senior portfolio manager at Neuberger Berman, said on CNBC’s “Squawk Box.”

Still, some market participants expect a major week for earnings, as well as the Federal Reserve’s last policy meeting until September, could try the recent rally. The Fed is widely anticipated to raise rates by a quarter percentage point at the conclusion of its meeting on Wednesday. Traders will be listening to comments by Chair Jerome Powell to get a sense of the central bank’s position on what happens next as it tries to navigate a soft landing for the economy.  

Wall Street is anticipating earnings results from some 150 S&P 500 companies this week, or about 30% of the broader index. Big tech earnings are on deck from Alphabet, Microsoft and Meta. Several big pharma companies are getting ready to report and it’s a big week for industrial companies and big oil as well.

Traders will also watch for the personal consumption expenditures index, the Fed’s preferred inflation gauge, which is due at the end of the week.

— CNBC’s Robert Hum and Yun Li contributed reporting.



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