US stocks rebound, end session with gains
One-third of S&P 500 will report earnings this week, including Apple and Amazon
Recession expected outside the US: Nancy Lazar
Piper Sandler chief global economist Nancy Lazar argues 'we are at the early stages of a very significant, synchronized global recession.'
U.S. stocks curbed all losses in late afternoon trading to end the session with gains across the board.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 48256.68 | -110.38 | -0.23% |
| SP500 | S&P 500 | 6881.49 | -14.75 | -0.21% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23366.26468 | -52.81 | -0.23% |
TWITTER ACCEPTS MUSK'S $44B BID
The Dow Jones Industrial Average cut a 400 point drop, adding over 238 points or 0.7%, while the S&P 500 and Nasdaq Composite rose 0.6% and 1.3%.
Shares of Twitter rose over 5% after the Board accepted Elon Musk's $54.20 per share offer to take the social media giant private in a deal valued at $44 billion. Musk, in a tweet, said the deal is a win for free speech.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | NO DATA AVAILABLE | - | - | - |
In earnings, 167 companies in the S&P 500 – or one-third of the benchmark index – will report this week. Included in that list are 13 Dow members, or just over 40% of the blue chip index.
Sales at Coca-Cola surged 16% during the first quarter as crowds returned to movie theaters, music venues and sport stadiums. Coca-Cola was among the companies to suspend operations in Russia after it invaded neighboring Ukraine. But on Monday, it stuck by earlier revenue growth projections of 7% to 8% and per-share growth of 5% to 6% for the year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KO | THE COCA-COLA CO. | 70.03 | -0.07 | -0.10% |
Later in the week, several mega-cap consumer/tech titans: Apple, Amazon, Microsoft, Meta Platforms and Alphabet.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 273.08 | -0.68 | -0.25% |
| AMZN | AMAZON.COM INC. | 232.53 | +0.46 | +0.20% |
| MSFT | MICROSOFT CORP. | 487.48 | +0.38 | +0.08% |
| META | META PLATFORMS INC. | 658.77 | -5.68 | -0.85% |
| GOOGL | ALPHABET INC. | 313.55 | -0.30 | -0.10% |
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U.S. stocks were trending down early Monday morning as the busiest week for first-quarter earnings season approaches. (Courtney Crow/New York Stock Exchange via AP)
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Rising COVID-19 cases in China are setting off worries about more pandemic lockdowns that would crimp economic recoveries in the region. Other nations are also dealing with economic woes related to COVID-19, such as the absence of tourism revenue in Japan, where cases are still going up and down while it gradually opens its borders, but only to business travelers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 68.03 | +0.84 | +1.25% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 28.52 | +0.05 | +0.18% |
In commodities, oil prices fell, with U.S. crude slipping to $98.54 per barrel, while Brent, the global benchmark, fell to $102.32.
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The Associated Press contributed to this report.