• S&P 500 up 0.69% to 3,006.72
• DJIA up 0.22% to 26,827.78
• NASDAQ up 0.91% to 8,162.99
• Russell 2000 up 0.95% to 1,550.14
• U.S. 10-yr up 5 bp to 1.803%
• WTI Oil down 0.63% to $53.44
Stocks closed higher as investor sentiment received a small boost after some positive news on the trade front between the U.S. and China, while traders remained relatively unfazed by the newest chapter in the Brexit saga. Chinese Vice Premier Liu He stated over the weekend that the country will work with the U.S. to address each other’s core concerns on the basis of equality and mutual respect. In a speech, Liu said “stopping the escalation of the trade war benefits China, the U.S. and the whole world. It’s what producers and consumers alike are hoping for.” As for the Brexit, the speaker of the U.K. House of Commons rejected Prime Minister Boris Johnson’s motion to put his Brexit deal to a vote in Parliament on Tuesday. This comes after Parliament delayed the vote on the Brexit plan over the weekend. Elsewhere, investors will continue to monitor third-quarter corporate earnings season, as major companies including Boeing, Caterpillar, Ford, McDonald’s and more are slated to report their results this week.
No major economic data.
Apple — Shares climbed over 1.5% higher after Raymond James analysts hiked its price target on the tech giant from $250 to $280 per share. Analysts cited that the release of the new iPhone 11 line of smartphones has performed better than originally expected, and also noted that Apple should benefit from the upgrade in wireless networks to 5G technology.
Boeing — Shares dropped nearly 4% after the aircraft maker continued to make headlines as a result of its controversial 737 Max. The company had to issue a statement in response to the leaked messages from a former test pilot who showed concern about the software system used in the 737 Max.
• Existing Home Sales
All estimates come from Econoday’s survey of economists/analysts. Earnings per share estimates are from Factset, are set against year ago results, and represent adjusted earnings.