Stock market today: Live updates
Wall Street began February with gains on Monday, despite recent volatility in the prices of silver and bitcoin. The S&P 500 rose 0.5%, the Nasdaq Composite gained 0.6% and the Dow Jones Industrial Average advanced 393 points, a 0.8% increase.
Oracle’s Expansion Plans Boost Market Sentiment
A significant contributor to Monday’s positive market performance was Oracle. Shares rose following the company’s announcement of plans to raise up to $50 billion to expand its cloud computing capacity. This investment signals confidence in the continued growth of cloud services.
Cryptocurrency and Metals Experience Volatility
Bitcoin’s price dipped below $80,000 for the first time since April, reflecting increased risk aversion following declines in gold and silver on Friday. However, the cryptocurrency and metals partially recovered throughout Monday, easing some of the downward pressure on equities. Bitcoin last traded above $77,000, while spot gold and spot silver were down 3% and 6%, respectively.
Nvidia Faces Uncertainty Over OpenAI Investment
Concerns surrounding Nvidia’s potential $100 billion investment in OpenAI emerged on Monday. According to reports, Nvidia executives have expressed doubts about the deal, leading to a 1% decrease in Nvidia’s share price.
Earnings Season and Economic Data on the Horizon
More than 100 companies within the S&P 500 are scheduled to report earnings this week, including Amazon and Alphabet. While the overall earnings season has been strong, some companies, such as Microsoft, have experienced post-earnings sell-offs. Deutsche Bank strategists anticipate that earnings growth will be the strongest in four years.
Disney also reported earnings that exceeded analyst expectations on Monday, though its stock still fell by 6%. Investors are also awaiting the release of the January U.S. Jobs report, scheduled for Friday, with economists predicting an addition of 55,000 jobs.
The market’s earlier losses came after President Donald Trump nominated Kevin Warsh as his nominee for Federal Reserve chairman, potentially replacing Jerome Powell later this year.
Frequently Asked Questions
What happened with Bitcoin on Monday?
Bitcoin dropped below $80,000 for the first time since April, but later recovered to trade above $77,000.
How did Oracle’s announcement affect the market?
Oracle’s announcement of plans to raise up to $50 billion for cloud capacity boosted its share price and contributed to overall market gains.
What is expected this week regarding economic data?
The January U.S. Jobs report is due to be released on Friday, with economists expecting 55,000 jobs were added last month. More than 100 S&P 500 companies will also report earnings.
As investors navigate a dynamic market landscape, what factors will be most crucial in shaping investment strategies in the coming weeks?