Stock Market Today: Wall Street Opens Higher, Building on Last Week’s Gains

NEW YORK — US stocks are higher as the wave of market-moving events last week gives way to what could be a calmer week. YOU&P500 rose 0.5% on Monday morning. The Dow Jones Industrial Average rose 164 points and the Nasdaq Composite rose 0.5%. Berkshire Hathaway rose after Warren Buffett’s company released its latest results over the weekend. This week will bring speeches from several Federal Reserve officials, a preliminary report on consumer sentiment and earnings reports from The Walt Disney Co. and Uber Technologies. Treasury yields remained stable in the bond market.

THIS IS A BREAKING NEWS UPDATE. The previous AP story follows below.

Wall Street was pointing to gains on Monday morning, kicking off a quiet week in terms of economic data, but the other full slate of corporate earnings reports.

Futures for S&OP 500 and the Dow Jones Industrial Average were up 0.4% before the bell.

Meat processor Tyson Foods rose 2.6% in premarket trading after easily beating analysts’ profit expectations, even as it fell slightly short of sales forecasts.

Shares of Spirit Airlines fell 3.5% before the bell after the budget airline fell short of Wall Street’s sales and earnings targets for the quarter. The company, which has not made an annual profit since 2019, is in cost-cutting mode, postponing plane orders and laying off pilots.

GameStop fell more than 7% in early trading Monday after the so-called “meme stock” gained nearly more than 45% in the final days of last week.

Later this week, Walt Disney Co., Airbnb, Anheuser-Busch and Uber release their latest sales and earnings reports.

Elsewhere in Europe at midday, Germany’s DAX was up 1.1% and the CAC 40 in Paris was up 0.9%. London markets were closed for a bank holiday.

In Asian trading, the Hang Seng in Hong Kong closed 0.4% higher at 18,548.77 and the Shanghai Composite index rose 1.2% to 3,140.72 as markets in mainland China reopened after a public holiday. of a week. A private sector survey conducted on Monday showed that the country’s services sector grew at a slower pace in April due to rising costs, although new orders rose and business sentiment improved.

S of Australia&OP/ASX 200 rose 0.7% to 7,682.40. Taiwan’s Taiex gained 1%.

Markets in Tokyo and South Korea were closed for holidays.

On Monday morning, benchmark U.S. crude rose 62 cents to $78.73 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 52 cents to $84.48 a barrel.

The Japanese yen strengthened slightly after its value fluctuated from a low of 160.25 against the US dollar to 151.86 late last week following suspected government intervention. The dollar bought 153.52 yen on Monday morning, down from 152.90 yen.

The euro rose to $1.0789 from $1.0763.

On Friday, S.&OP 500 rose 1.3% to 5,127.79, in its best day since late February, thanks to a recovery supported by cooler-than-expected US jobs data.

The Dow Jones Industrial Average rose 1.2% to 38,675.68. The Nasdaq composite index ended up 2% and closed at 16,156.33, reflecting strong gains in technology stocks, which accounted for much of the rally.

The country’s employers added 175,000 jobs last month, a sharp drop from March and well below the 233,000 gain that economists had predicted. However, average hourly earnings, one of the main drivers of inflation, increased less than expected.

The modest increase in hiring last month suggests that the Federal Reserve’s aggressive series of rate hikes may finally be starting to have a bigger impact on the world’s largest economy. This could help reassure the Fed that inflation will decline further, which could bring the central bank closer to lowering interest rates.

Optimism regarding potentially lower interest rates fueled Friday’s rally.