Marketbites: Earnings Reports On Deck
Portfolio Manager Commentary:
Stocks rose Monday as investors contemplated a potential slowdown in interest rate hikes from the Federal Reserve and braced for a busy week of earnings. The Nasdaq surged up 2.01% to lead the major indices.
Shares of Tesla and Apple gained on hopes that a reopening in China would boost their businesses. Both big tech names recently grappled with temporary shutdowns and blows to production as the country dealt with surging Covid-19 cases. Semiconductor stocks also had a good day with the VanEck Semiconductor ETF surging 4.7% for its best day since November.
Earnings reports could keep the market on edge this week, with about 40% of the Dow scheduled to release their latest financial results and offer more insight into how companies are weathering inflation and interest rates. Some big names on deck include Microsoft, IBM, Tesla, Visa and Mastercard.
Chart of the Day:
Even as developers plan an unprecedented number of grid-scale wind and solar installations, project construction is plummeting across the U.S. New wind installations plunged 77.5% in the third quarter of 2022 versus the same period the year before, according to S&P Global Market Intelligence.