U.S. stocks rallied on Monday as large-cap tech roared higher ahead of two key events.
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.
|I:COMP||NASDAQ COMPOSITE INDEX||13031.680793||-357.75||-2.67%|
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.
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.
|I:DJI||DOW JONES AVERAGES||33587.66||-681.50||-1.99%|
Even President Trump took notice of the move, tweeting about the gains more than once on Monday.
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.
|JPM||JPMORGAN CHASE & CO.||157.46||-1.18||-0.74%|
|BAC||BANK OF AMERICA CORP.||41.16||-0.44||-1.06%|
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.
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.
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.
|USO||UNITED STATES OIL FUND L.P.||45.21||+0.34||+0.76%|
|GLD||SPDR GOLD SHARES TRUST - EUR ACC||170.44||-1.68||-0.98%|
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.