S&P 500, Nasdaq hit record highs with Apple, Tesla earnings on tap

Apple, Facebook, Microsoft and Tesla report this week

The S&P 500 and the Nasdaq Composite climbed to record highs Monday as investors readied for a busy week of technology earnings and the busiest for the fourth quarter reporting season.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX13192.345407+72.91+0.56%
SP500S&P 5003811.15-18.19-0.47%
I:DJIDOW JONES AVERAGES30932.37-469.64-1.50%

The benchmark S&P 500 added 0.36% and the tech-heavy Nasdaq Composite was higher by 0.69% while the Dow Jones Industrial Average fell 36 points, or 0.12%. The Dow finished 0.7% below its own record peak.

TickerSecurityLastChangeChange %
AAPLAPPLE, INC.121.26+0.27+0.22%
FBFACEBOOK, INC.257.62+2.93+1.15%
MSFTMICROSOFT CORP.232.38+3.39+1.48%
TSLATESLA, INC.675.50-6.72-0.98%

The advance gave the Nasdaq a fourth straight record-high close as investors await earnings from heavyweights Apple Inc., Facebook Inc., Microsoft Corp. and Tesla Inc. later this week.

TickerSecurityLastChangeChange %
SBUXSTARBUCKS CORP.108.03+4.56+4.41%
MCDMCDONALD'S CORP.206.14-3.52-1.68%

Other companies set to report their quarterly results over the next five days include McDonald's Corp. and Starbucks Corp. as well as the major airlines, among others.

TickerSecurityLastChangeChange %
MRKMERCK & CO., INC.72.58-2.00-2.68%
PFEPFIZER INC.33.52-0.28-0.83%
BNTXBIONTECH SE109.03-3.30-2.94%

Elsewhere, Merck & Co. ended its pursuit of a COVID-19 vaccine and will instead focus on the development of therapeutics for those who already have the disease.

The Pfizer-BioNTech vaccine was approved for emergency use in Australia and AstraZeneca Plc told European Union officials that production problems would result in the delivery of 60% fewer vaccines than promised in the first quarter.

TickerSecurityLastChangeChange %
AMCAMC ENTERTAINMENT HOLDINGS INC8.01-0.28-3.38%

Meanwhile, AMC Entertainment raised $917 million in debt and equity, tabling talk the embattled movie chain would file for bankruptcy. The company said the funds extends its financial runway "deep into 2021."

TickerSecurityLastChangeChange %
GMEGAMESTOP101.74-6.99-6.43%

GameStop shares squeezed higher Monday as short-sellers continued to rush for the exit after short interest recently reached more than 150% of shares outstanding. The stock had soared 226% from its Jan. 12 close through Friday.

In commodities, West Texas Intermediate crude oil rallied 50 cents to $52.77 per barrel and gold slipped 80 cents to $1,854.90 per ounce.

European markets were lower across the board with Britain’s FTSE 100 weaker by 0.84% while France’s CAC 40 fell 1.57% and Germany’s DAX 30 lost 1.66%.

In Asia, China’s Shanghai Composite index added 0.49%, Japan’s Nikkei 225 advanced 0.67% and Hong Kong’s Hang Seng index climbed 2.41%.