A trader works on the floor of the New York Stock Exchange on July 3, 2024.
Brendan McDermid | Reuters
Stocks rose Monday as investors assessed the impact of the assassination attempt on former President Donald Trump and prepared for a big week of corporate earnings.
the Dow Jones Industrial Average The index jumped 269 points, or 0.7%, and set a new intraday record shortly after the opening bell. Standard & Poor's 500 It rose by 0.8%. Nasdaq Composite It rose 1.1%, supported by a rise of about 2% in apple Following the upgrade on Wall Street.
Traders were watching the latest developments with the assassination attempt on Trump, the Republican presidential candidate. While that could have led to more political strife in the country, investors also speculated that it could push Trump and the Republicans further ahead in the polls ahead of the November elections.
“The good news is that former President Trump didn’t get more than an ear injury, and he wasn’t killed,” Sam Stovall, chief investment strategist at CFRA Research, said on CNBC’s “Worldwide Exchange.” “As a result, I think the market will continue its momentum.”
The Republican National Convention begins Monday in Milwaukee, Wisconsin, with Trump leading President Joe Biden in national polls.
Insurance companies Humana And United Health GroupTechnology stocks, which could benefit from lower cost pressures from a Republican administration, rose in the session. Russell 2000 U.S. stocks rose for a fourth straight day, helped by Goldman Sachs saying on Monday that a second Trump term could help small-cap companies outperform their rivals.
“Trump was already the frontrunner, and the shooting will only enhance that position,” Adam Crisafulli, founder of Vital Knowledge, said in a note on Sunday.
Elsewhere, investors are focused on second-quarter earnings reports. These releases could provide the latest catalyst for a market that has rebounded to new highs this year.
Goldman Sachs The company’s shares rose more than 1% after it posted earnings that beat analysts’ expectations. It is one of more than 40 companies in the S&P 500 to report second-quarter earnings this week, a list that also includes household names like American bank, United Airlines And Netflix.
Investors will also be watching Federal Reserve Chairman Jerome Powell's remarks at the Economic Club of Washington, D.C., at 12:30 p.m. ET.
