U.S. equity markets gained ground Monday morning as investors digested underwhelming economic data and readied for a big week for tech earnings.
The Dow Jones Industrial Average traded up 52 points, or 0.15%, while the S&P 500 and the Nasdaq Composite were higher by 0.21% and 0.3%, respectively. The early advance had both the Dow and the S&P 500 contending with record highs.
Durable goods orders rose 0.5% in March, missing the 2.3% growth that analysts surveyed by Refintiv were expecting. Excluding transportation, sales increased 1.6%, in line with forecasts.
Ticker Security Last Change Change % AAPL APPLE, INC. 134.39 +0.07 +0.05%AMZN AMAZON.COM, INC. 3,402.99 +62.11 +1.86%FB FACEBOOK, INC. 302.35 +1.22 +0.40%GOOGL ALPHABET, INC. 2,319.75 +19.82 +0.86%MSFT MICROSOFT CORP. 261.34 +0.19 +0.07%
In stocks, mega-cap tech companies Apple Inc., Amazon Inc., Facebook Inc. Alphabet Inc. and Microsoft Corp. will all release their quarterly results this week.
Ticker Security Last Change Change % TSLA TESLA, INC. 735.43 +6.03 +0.83%
Additionally, Tesla Inc. shares will be in focus Monday as the electric-car maker is expected to report a record quarterly profit after the closing bell.
A pause on Johnson & Johnson’s COVID-19 vaccine was lifted late Friday after U.S. regulators concluded the benefits outweigh the risks. The vaccine was paused earlier this month after six women out of more than 7 million who received the inoculation developed blot clots.
Elsewhere, Moderna Inc.’s COVID-19 vaccine will be reviewed by World Health Organization experts on April 30 for possible emergency-use listing, Reuters reported, citing a WHO official.
Good news on COVID-19 helped lift travel-related names including American Airlines Group Inc., Carnival Corp. and Hilton Hotels Corp.
In commodities, West Texas Intermediate crude oil lost 85 cents to $61.29 per barrel and gold edged up $1.50 to $1,779.30 an ounce.
Overseas markets were mixed.
European markets reversed early losses with Britain’s FTSE 100 rallying 0.35%, France’s CAC 40 rising 0.31% and Germany's DAX 30 ticking up 0.08%.
In Asia, China’s Shanghai Composite fell 0.95%, Hong Kong’s Hang Seng index slid 0.43% and Japan’s Nikkei 225 advanced 0.36%.