US benchmark equity indexes closed mixed Monday as traders awaited major corporate earnings due later in the week.
The Nasdaq Composite rose 0.6% to 18,791.8, while the S&P 500 increased 0.4% to 5,893.6. The Dow Jones Industrial Average fell 0.1% to 43,389.6. Energy led the gainers among sectors, while health care was little changed. Industrials was the sole decliner.
Chip-making giant Nvidia (NVDA) is scheduled to report latest quarterly financial results later this week, along with other major names such as Walmart (WMT), Lowe's (LOW), Intuit (INTU), TJX (TJX), Medtronic (MDT), Palo Alto Networks (PANW), Target (TGT) and Snowflake (SNOW).
Some 462 S&P 500 companies have already posted results in the latest cycle, with profits up 6.8% year over year on 5% revenue growth on average, Oppenheimer Asset Management said in a Monday note to clients.
"With the (Federal Reserve) having begun the process of cutting its benchmark rate, equities appear well positioned to benefit as interest rates likely move somewhat if not much lower over the months ahead," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus wrote.
Artificial intelligence server maker Super Micro Computer's (SMCI) shares jumped nearly 16%, the top gainer on the S&P 500 and the Nasdaq.
Tesla (TSLA) shares rose 5.6%, among the best performers on the S&P 500 and the Nasdaq, amid reports that the incoming Trump administration may be considering a federal framework for autonomous vehicles in a move that RBC Capital Markets said could benefit the electric vehicle maker's robotaxi plan.
Nike (NKE) shares fell 2.3%, the steepest decline on the Dow, as TD Cowen adjusted its price target on the sportswear giant's stock to $73 from $78 while maintaining its hold rating.
Spirit Airlines (SAVE) filed for Chapter 11 bankruptcy protection with support from a supermajority of its bond holders, as the budget airline seeks to reduce its debt, attain increased financial flexibility and invest in passenger services. The company's shares sank 18%.
The US two-year yield fell 1.4 basis points to 4.29%, while the 10-year rate lost one basis point to 4.42%.
West Texas Intermediate crude oil increased 3.1% to $69.09 a barrel. Equinor (EQNR) said it had halted crude production from its Johan Sverdrup oilfield in Norway amid an onshore power outage, Reuters reported.
In economic news, US homebuilder confidence grew for the third consecutive month in November as election uncertainty subsided, with builders forecasting market conditions to continue to improve following Donald Trump's return to the White House, according to National Association of Home Builders and Wells Fargo data.
Gold gained 1.7% to $2,614.60 per troy ounce, while silver jumped 2.6% to $31.22 per ounce.
