Stock market news live updates: Stocks trade higher with earnings, more stimulus talks ahead

Stocks traded higher on Monday as investors watched a round of quarterly corporate earnings results, which are expected to have improved year over year. The economic talks in Washington also remained in focus.
The Nasdaq rose more than 1%, outperforming the S&P 500 and Dow. Amazon's shares (AMZN) rose more than 1.5% a day before the company's annual Prime Day event began. This usually leads to an influx of online shoppers craving for promotions. Apple (AAPL) shares rose more than 2% as analysts cast increasingly bullish tones ahead of the company's iPhone 12 launch event on Tuesday. WedBush's Dan Ives announced that this will likely be Apple's most important product cycle since the iPhone 6 in 2014, ”said a note on Sunday.
The prospect of further fiscal stimulus from Congressional lawmakers will continue to be of interest to traders, although the likelihood of measures being passed before the elections is slim. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are expected to start further talks on a deal this week, although little concrete progress has been made since last week and months. Still, White House economic adviser Larry Kudlow gave an optimistic assessment of the talks between the White House and the House Democrats on Sunday, saying "the offer and the offer between the two sides are tightening," according to an interview above CNN's State of the Union. ”
Corporate earnings season for the third quarter kicks off this week with a number of big banks reporting results, including JPMorgan Chase (JPM) and Citigroup (C) on Tuesday. The cohort, which has underperformed the broader market in the year to date, with changes in the banks' risk provisioning and comments on the health of their customers, should provide information about the extent of the ongoing strain on the US economy.
For the full earnings season, companies are expected to see another year-over-year earnings decline amid the ongoing pandemic, albeit with a lower margin than in the second quarter. Consensus economists expect S&P 500 companies to see total earnings per share fall 20.5% year over year, according to FactSet data released on Friday.
This quarter's results stand at the hub of a number of potentially market-moving events, including the possibility of a vaccine breakthrough and uncertain election results. These latter two events have the potential to dramatically change fundamentals for S&P 500 companies and change the outlook companies might include in their results, analysts at Goldman Sachs noted.
"New information on elections, vaccines, and upcoming third quarter results represent significant counter-currents for stocks over the next two months," said David Kostin, an analyst at Goldman Sachs, in a note. "However, the vaccine is more important than the election result to the recovery of S&P 500 fundamentals."
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10:40 a.m. ET: Snowflake stocks jump after Oppenheimer initiated overweight reporting
Cloud computing firm Snowflake (SNOW) stocks rose after Wall Street firm Oppenheimer began reporting on the stock with a bullish overweight and a $ 300 price target, up 26% from Friday's closing price means.
“Our optimistic stance on Snowflake reflects: (1) favorable mundane issues, including the growing importance / use of data / analytics for business success and operational improvement; (2) growing company efforts to reshape the data management layer and move to cloud-native platforms; (3) exposure to a large and growing data warehouse market; and (4) its ability to implement and leverage a successful land-and-expand model that targets large enterprises and drives expansion among new and existing customers, ”said analysts, led by Ittai Kidron, in a release on Sunday.
Wall Street analysts have given Snowflake 9 buy ratings and equivalents, 10 holds and 1 sell, according to Bloomberg data. Shares have more than doubled since Snowflake went public in mid-September.
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9:32 am ET: Stock rise under technical guidance; Nasdaq outperforms
Here were the key moves in the markets as of 9:32 a.m. CET:
S & P 500 (^ GSPC): +22.62 points (+ 0.65%) to 3,499.75
Dow (^ DJI): +83.03 points (+ 0.29%) to 28,669.93
Nasdaq (^ IXIC): +145.13 points (+ 1.25%) to 11,726.29
Crude Oil (CL = F): - $ 0.56 (-1.38%) to $ 40.04 per barrel
Gold (GC = F): + $ 1.90 (+ 0.1%) to $ 1,928.10 per ounce
10-year Treasury (^ TNX): +1.2 basis points for a return of 0.779%
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7:36 a.m. ET Monday: Stock futures indicate a higher open
Here were the most important steps in the stock markets as of 7:36 a.m. CET:
S&P 500 Futures (ES = F): 3,489.75, plus 16.5 points or 0.48%
Dow Futures (YM = F): 28,539.00, plus 21 points or 0.07%
Nasdaq Futures (NQ = F): 11,887.00, plus 162.25 points or 1.38%
Crude Oil (CL = F): - $ 0.50 (-1.23%) to $ 40.10 per barrel
Gold (GC = F): + $ 0.30 (0.02%) to $ 1,926.50 per ounce
10-year Treasury (^ TNX): +1.2 basis points for a return of 0.779%
A trader works on the New York Stock Exchange on August 8, 2008. REUTERS / Joshua Lott (UNITED STATES)
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In this article
^ GSPC
+ 1.45%
PI7.F
0.00%
GSFPX
+ 0.65%
^ IXIC
+ 2.10%
ES = F.
+ 1.14%
YM = F.
+ 0.68%
QQQ
+ 2.49%
SPY
+ 1.40%

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