US stocks moved higher on Monday, with traders hoping to end seven weeks of losses in the S&P 500 as investors digest first-quarter earnings and high inflation.
Jamie Dimon, the CEO of JP Morgan, said at the bank's annual investor day that the consumer remains strong and that the dark storm clouds hanging over the economy could eventually be removed.
I call it storm clouds because they are storm clouds. They may go away. I would tell you if it was a storm. The bank raised its net interest income guidance by $3 billion to more than $56 billion and said it expects net charge-offs to remain low thanks to a strong consumer.
At 4:00 p.m., the US indexes stood here. The close is Monday.
According to data from Fundstrat, a majority of S&P 500 companies have reported first-quarter earnings that have beaten estimates. A majority of companies beat revenue estimates.
Target and Walmart's big misses last week led to their biggest drops since Black Monday in 1987. Target and Walmart were forced to eat higher fuel and shipping costs due to the fact that certain inventory categories were not selling well.
The Daily Journal piled up $118 million into stocks in the first six months of the year. The newspaper publisher and legal-software supplier borrowed $43 million from its margin-loan account to fund the purchases.
Christine Lagarde, President of the European Central Bank, criticized cryptocurrencies on Saturday, saying they are worthless and should be regulated to protect life savings.
After the market crashed in May, tether paid out $10 billion in withdrawals to investors. According to an analysis of the data by the Guardian, tether was redeemed over the weekend and three days before that.
West Texas Intermediate crude oil rose as much as 0.13%. The international benchmark for oil, called Brent crude, jumped as much as 0.67%.
It fell to $29,199. The price of ether fell to $1,984.
The price of gold rose to $1,853.90 per ounce. The yield on the 10-year Treasury went up.
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