The Dow Jones Industrial Average increased, led by Charles Schwab (SCHW), which helped boost bank stocks. Conversely, Roblox (RBLX) experienced a drop in revenue update, and Google parent Alphabet (GOOGL) fell due to Microsoft (MSFT) AI concerns. Despite the underwhelming action, Teck Resources (TECK), InterContinental Hotels (IHG), and International Game Technology (IGT) were attempting breakouts as they tested entries. Meanwhile, Treasury yields increased, although stocks progressed positively as both Nasdaq and the S&P 500 rallied. However, State Street (STT) underperformed the S&P 500 index, sliding 9.3% after disappointing results.
The S&P 500 sectors finished mostly positive, with financials and real estate sectors performing the best, while the energy and communication services sectors lagged. Regional banks helped small caps, as the Russell 2000 rose 1.2%, while growth stocks did the best with the Innovator IBD 50 ETF (FFTY) popping 2%. The Dow Jones industrials ended the session with a gain of 0.3%, thanks to a late rally, with Boeing (BA) stock among the top performers, rising 1.6%.
Tesla CEO Elon Musk stated that he was “looking into” reports that workers at the firm’s Shanghai factory have been protesting against alleged unfair cuts in performance-related pay. Meanwhile, Alphabet stock was hit amid reports that Samsung phones may switch to Microsoft Bing as the default search engine, and gaming stock Roblox took a significant hit as its March metrics report showed a year-over-year drop in its key revenue metric. Lastly, impressive earnings by Charles Schwab helped boost bank stocks higher on Monday.
