This post was originally published on this site

U.S. stocks rallied on Monday as large-cap tech roared higher ahead of two key events.

Continue Reading Below

LIVE STOCK MARKET AND BUSINESS UPDATES

Tech Takes Lead 

Both Amazon and Apple jumped powering the broader NASDAQ Composite to a gain of 2.56%. The move pushed the composite out of correction territory in what was the best session since September.

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 11876.259158 +296.32 +2.56%
AMZN AMAZON.COM INC. 3,442.93 +156.28 +4.75%
AAPL APPLE INC. 124.40 +7.43 +6.35%

Starting Tuesday and continuing on Wednesday, Amazon will hold its “Prime Day” shopping extravaganza to kick off the holiday shopping season. The Jeff Bezos-led company does not reveal revenue for the annual event, but some analysts are expecting close to $10 billion in sales over the two days.

AMAZON’S PRIME DAY COULD MEAN CASH HAUL FOR BEZOS

On Tuesday, Apple is widely expected to unveil its 5G-enabled iPhone at an event in California.

The Dow Jones Industrial Average and the S&P 500 also moved higher, up 0.88% and 1.64%, as investors focused on financials ahead of a busy earnings week for the sector. JPMorgan will kick off reporting Tuesday morning.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 28837.52 +250.62 +0.88%
SP500 S&P 500 3534.22 +57.09 +1.64%

Even President Trump took notice of the move, tweeting about the gains more than once on Monday.

EARNINGS SEASON

The major U.S. banks are set to kick-off earnings season this week, as JPMorgan Inc., Citigroup Inc. and Bank of America Corp. all report later this week.

Ticker Security Last Change Change %
JPM JP MORGAN CHASE & CO. 102.44 +1.24 +1.23%
C CITIGROUP INC. 45.88 +0.95 +2.11%
BAC BANK OF AMERICA CORP. 25.68 +0.32 +1.26%

STIMULUS PROGRESS TURNS DOW POSITIVE FOR 2020, S&P, NASDAQ WIN BEST WEEK SINCE JULY

In deal news, Twilio Inc. shares were rising after announcing plans to acquire Segment for approximately $3.2 billion.

“Together, Twilio and Segment have an incredible opportunity to build the customer engagement platform of the future,” said Peter Reinhardt, Segment’s co-founder and CEO.

Ticker Security Last Change Change %
TWLO TWILIO INC 329.72 +23.48 +7.67%

Video game company Roblox announced a confidential filing with the Securities and Exchange Commission to go public, as it looks to capitalize on the surging demand it has seen as a result of the coronavirus pandemic.

Ticker Security Last Change Change %
MSFT MICROSOFT CORP. 221.40 +5.59 +2.59%

Roblox’s game, similar to Lego, has competition from Microsoft’s Minecraft and other strategy games.

Overseas, economic news out of China also appeared to be helping sentiment, after the country returned from its eight-day Mid-Autumn festival that was aided by strong tourism and slowing coronavirus cases, Reuters reported.

CLICK HERE TO READ MORE STORIES ON FOX BUSINESS

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 28.07 -0.62 -2.16%
GLD SPDR GOLD SHARES TRUST – EUR ACC 180.56 -0.52 -0.29%

West Texas Intermediate crude oil was falling on Monday, down more than 2.9%% to $39.43 a barrel. Gold ticked up modestly to $1,922.50 an ounce.

GET FOX BUSINESS ON THE GO BY CLICKING HERE