U.S. stocks are rising as another week of megacap earnings kicks off
Finance Today - U.S. stocks were rising ahead of a deluge of megacap earnings and the jobs report for July due out on Friday.
At 10:44 ET (14:44 GMT), the Dow Jones Industrial Average was up 68 points or 0.2%, while the S&P 500 was up 0.1% and the NASDAQ Composite was up 0.1%.
More Big Tech earnings on tap
Stocks ended last week on a high note, amid signs of cooling inflation and economic resilience that have officials looking at the possibility of a soft landing, which means no recession.
This week features earnings by Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN) for the big tech sector. Their reports come after upbeat earnings from Alphabet Inc. Class C (NASDAQ:GOOG) and Meta Platforms, Inc. (NASDAQ:META) last week.
Stocks have been rising on hopes that the Federal Reserve is near the end of its interest rate hikes, after raising them by another quarter of a point in July. This month the Dow went on the longest winning streak since 1987, pushed higher by financials, energy, and healthcare stocks.
Is a soft landing in the cards?
Minneapolis Fed President Neel Kashkari said on Sunday the economy is making surprisingly good progress. Unemployment, which is near historic lows at 3.6%, could rise to 4% and it could still be soft landing, he said.
Later today, Chicago Fed President Austan Goolsbee is scheduled to speak.
SoFi Technologies soars after beating expectations
Shares of ON Semiconductor Corporation (NASDAQ:ON) were rising 3.6% as it prepared to report earnings later today. SoFi Technologies Inc. (NASDAQ:SOFI) stock jumped 22% after better-than-expected quarterly revenue and raised guidance for 2023.
Chevron Corp. (NYSE:CVX) shares rose 3% after Goldman upgraded it to buy from neutral, saying the oil major is poised to rise.
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