Nasdaq leads stock gains ahead of Amazon Prime Day, Apple reveal

JPMorgan Chase, Citigroup, BofA and Wells Fargo lead earnings parade this week

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

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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.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11440.626125-44.07-0.38%
AMZNAMAZON.COM INC.3,145.52-39.42-1.24%
AAPLAPPLE INC.115.44-1.43-1.22%

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.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES28177.51-33.31-0.12%
SP500S&P 5003431.52-4.04-0.12%

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.

TickerSecurityLastChangeChange %
JPMJP MORGAN CHASE & CO.101.89+2.56+2.58%
CCITIGROUP INC.43.69+0.69+1.60%
BACBANK OF AMERICA CORP.24.61+0.56+2.33%

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.

TickerSecurityLastChangeChange %
TWLOTWILIO INC294.02-4.66-1.56%

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.

TickerSecurityLastChangeChange %
MSFTMICROSOFT CORP.213.22-1.58-0.74%

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.

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TickerSecurityLastChangeChange %
USOUNITED STATES OIL FUND L.P.28.62+0.54+1.92%
GLDSPDR GOLD SHARES TRUST - EUR ACC178.33-2.33-1.29%

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.

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