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S&P 500 Rises to Record Ahead of Big Tech Earnings; Tesla Hits $1T Market Cap -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 climbed Monday, led by rising energy stocks as oil prices jumped to seven-year highs ahead of a busy week of quarterly earnings from big tech.

The index rose 0.4% to reach a record high at 4,572.14 climbed by 0.22% (or 77 points), while the Nasdaq increased 0.87%.

As oil prices continued their climb, energy gained on last week’s gains. The increase in oil prices was due to expectations that global supply could be tighter longer than expected as major oil producers appear unwilling to boost production.

Saudi minister of energy, Prince Abdulaziz bin Salman, said that OPEC+ needs to maintain its cautious approach in raising production as global Covid-19 cases flare up could impact demand.

APA (NASDAQ:), APA Occidental Petroleum (NYSE:),  led the gains for energy, with the latter up more than 3%

Material also contributed to the market’s rise higher powered by Albemarle (NYSE:), and Freeport-McMoran Copper & Gold (NYSE:) underpinned by rising commodity prices.

The week ahead is a busy one for technology as Facebook announces a new wave of earnings to big tech firms after the close of U.S. stocks.  

Facebook (NASDAQ: ) faces many challenges, including the increased regulation security of its user data practices as well as the effect on advertising revenue by Apple’s recent changes to its iPhone operating systems.

Google’s parent Alphabet (NASDAQ :), Twitter, and Microsoft (NASDAQ 🙂 reported earnings on Tuesday.

On Thursday, Apple (NASDAQ) and Amazon (NASDAQ) will report their earnings.

Pinterest (NYSE:) slumped over 13% following the denial by PayPal (NASDAQ:), that it is currently seeking a deal to take over the company. Bloomberg News published last week that PayPal considered a bid of $45 million for Pinterest.

Kimberly-Clark, NYSE:), fell over 3% following reporting mixed quarter results. While earnings were disappointing, revenue beat Wall Street’s expectations. This was due to the impact of inflation and supply chain problems.

The third quarter earnings season remains strong and will be the strongest on record.

“Of the 117 S&P 500 companies that have reported earnings so far, 65% have exceeded consensus expectations by at least a standard deviation of analyst estimates, a rate that –if sustained –would rank among the strongest quarters on record behind 1Q and 2Q 2021,” Goldman Sachs (NYSE:) said in a recent note.

Tesla (NASDAQ) rose more than 4 percent to record heights and reached $1 trillion in market capitalization. This was after Hertz, a car rental company, ordered 100,000 Tesla cars for its fleet. Wall Street gave Tesla an additional boost after Morgan Stanley. It was raised to $1200 from $900 due to its higher volume expectations.

The cryptocurrency market soared 4% to $62,963, was up 3.92 to $4,180 and was up 2.7% at $487.20.

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