{"id":5305,"date":"2023-11-01T03:56:38","date_gmt":"2023-11-01T03:56:38","guid":{"rendered":"https:\/\/connectwithfund.com\/markets\/dow-jones-surges-more-than-500-points-as-stocks-snap-3-day-losing-streak\/"},"modified":"2023-11-01T03:56:39","modified_gmt":"2023-11-01T03:56:39","slug":"dow-jones-surges-more-than-500-points-as-stocks-snap-3-day-losing-streak","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=5305","title":{"rendered":"Dow Jones surges more than 500 points as stocks snap 3-day losing streak"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002669695\" role=\"document\">\n<p>U.S. stocks posted sharp gains Monday, with indexes bouncing back after the S&amp;P 500 and Nasdaq Composite fell into corrections last week. <\/p>\n<p>Investors were looking ahead to a Federal Reserve decision, jobs data, earnings reports and other potential market-moving events this week.<\/p>\n<div class=\"paywall\">\n<h2>What happened<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       rose 511.37 points, or 1.6%, to close at 32,928.96.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       gained 49.45 points, or 1.2%, to end at 4,166.82.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       ended at 12,789.48, up 146.47 points, or 1.2%.<\/p>\n<\/li>\n<\/ul>\n<p>The Dow and S&amp;P 500 snapped three-day losing streaks, while the Nasdaq  scored back-to-back gains.<\/p>\n<h2>What drove markets<\/h2>\n<p>Stock buyers returned after the S&amp;P 500 on Friday joined the Nasdaq Composite in correction territory, having shed more than 10% from its recent high at the end of July to close at its lowest since May.<\/p>\n<p><strong>See: <\/strong>S&amp;P 500 index enters a correction. Here\u2019s what it means for future performance.<\/p>\n<p>Relief that the Israel-Hamas war had not drawn in other combatants in the region over the weekend was helping sentiment, according to analysts. Oil futures fell sharply Monday, with the U.S. benchmark falling 3% to erase gains seen since the Oct. 7 Hamas attack on southern Israel.<\/p>\n<p>\u201cDespite the terrible events in Israel and Gaza, oil prices have generally been well behaved and, with global growth looking sluggish, should stay that way, barring a broadening of the Middle East conflict,\u201d David Kelly, chief global strategist at J.P. Morgan Asset Management, said in a note.<\/p>\n<p>\u201cMeanwhile, gasoline prices have drifted lower as refiner margins have eased, suggesting that energy inflation should be negative for October,\u201d he wrote.<\/p>\n<p>Stock-market investors weighed a report that the Bank of Japan may move Tuesday to loosen its cap on 10-year Japanese government bond yields<br \/>\n        BX:TMBMKJP-10Y<br \/>\n       by allowing the rate to rise above 1%. A move to loosen the cap in July, moving it from 0.5% to 1%, sent tremors through global markets.<\/p>\n<p><strong>See: <\/strong>Bank of Japan may further loosen cap on long-term bond yields, report says<\/p>\n<p>Equity benchmarks have suffered of late partly because of some poorly received third-quarter earnings \u2014 notably from big technology companies that had led the broader market higher for much of the year. The next tech behemoth to present its numbers will be <strong>Apple Inc. <\/strong><br \/>\n        AAPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202934861\/composite\" class=\"positive\">+0.28%<\/bg-quote><br \/>\n       after the market closes on Thursday.<\/p>\n<p><strong>Earnings Watch:<\/strong> Big Tech earnings have been strong, but Apple is about to answer the thousand-dollar question<\/p>\n<p>Earnings season remains in full swing, with investors digesting results from corporate heavyweights early Monday.<\/p>\n<p>Another factor pressuring equities over the past several weeks was the lurch higher in benchmark bond yields<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       on concerns a robust economy will force the Federal Reserve to keep interest rates high for longer and, amid fears additional Treasury issuance, will push down prices.<\/p>\n<p>Both of those issues will be addressed Wednesday, when the Treasury will publish its quarterly refunding announcement in the morning, followed in the afternoon by the Fed\u2019s latest interest-rate decision. Treasury on Monday afternoon said it expects to borrow $776 billion in the fourth quarter, which is $76 billion lower than the prior estimate made in July.<\/p>\n<p>Looking ahead to the first quarter, Treasury said it expects to borrow $816 billion, with a cash balance at the end of March of $750 billion.<\/p>\n<p><strong>Check out:<\/strong> How stock-market investors can ride out a \u2018fear cycle\u2019 as S&amp;P 500, Nasdaq fall into correction<\/p>\n<p>Fed Chair Jerome Powell and fellow policy makers are expected to leave borrowing costs unchanged at a range of 5.25% to 5.5%, so investors will be eager to hear if he gives any clues about Fed trajectory in coming months.<\/p>\n<p>The nonfarm payrolls jobs report on Friday will doubtless play an important role in the Fed\u2019s future deliberations.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      Shares of Dow component <strong>McDonald\u2019s Corp.<\/strong><br \/>\n        MCD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203508018\/composite\" class=\"positive\">+0.78%<\/bg-quote><br \/>\n       rose 1.7%, after the fast-food restaurant giant reported third-quarter results that rose above expectations, with price increases helping boost U.S. results.<\/p>\n<\/li>\n<li>\n      <strong>SoFi Technologies Inc.<\/strong><br \/>\n        SOFI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/222838146\/composite\" class=\"positive\">+8.79%<\/bg-quote><br \/>\n       on Monday posted a large revenue beat for the latest quarter and gave an upbeat outlook. Shares gained 1%.<\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-rise-from-five-month-low-with-fed-and-apple-results-in-view-e16907bb?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks posted sharp gains Monday, with indexes bouncing back after the S&amp;P 500 and Nasdaq Composite fell into corrections last week. Investors were looking ahead to a Federal Reserve decision, jobs data, earnings reports and other potential market-moving events this week. What happened The Dow Jones Industrial Average DJIA rose 511.37 points, or 1.6%, to close at 32,928.96. The S&amp;P 500 SPX gained 49.45 points, or 1.2%, to end at 4,166.82. The Nasdaq Composite COMP ended at 12,789.48, up 146.47 points, or 1.2%. The Dow and S&amp;P 500 snapped three-day losing streaks, while the Nasdaq scored back-to-back gains. What<\/p>\n","protected":false},"author":1,"featured_media":5306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-5305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow Jones surges more than 500 points as stocks snap 3-day losing streak | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"U.S. stocks posted sharp gains Monday, with indexes bouncing back after the S&amp;P 500 and Nasdaq Composite fell into corrections last week. 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