The Dow Jones Industrial Average turned higher on Monday, ahead of the Federal Reserve policy meeting and key earnings reports. SoFi Technologies soared after posting its first quarterly profit and beating Wall Street estimates. The major indexes all posted solid gains for the week, hitting all-time highs before reversing as the Nasdaq struggled to advance after midweek. Additionally, the 10-year Treasury yield dipped to 4.1% on Monday while oil prices showed signs of extending gains from the previous week, despite a decrease in West Texas Intermediate futures.
This week’s economic calendar includes the Fed meeting, with Chairman Jerome Powell’s news conference expected to have a significant impact. The January employment report on Friday is also expected to show growth in the job market. Furthermore, SoFi Technologies was among the Magnificent Seven stocks reporting earnings, alongside Alphabet, Amazon, Apple, Meta Platforms, Microsoft, and Boeing.
Shares of SoFi Technologies soared 18% after reporting earnings of 2 cents per share on sales of $594.2 million, ahead of Wall Street estimates. The news column also highlighted the performance of companies such as DraftKings, KKR, Novo Nordisk, Snowflake, Spotify, Amgen, and Merck in the current market rally.
Lastly, the news article mentioned the performance of Magnificent Seven stocks Nvidia and Tesla, as well as industry leaders such as Apple and Microsoft. Despite the different ups and downs in the stock market, investors are advised to stay informed with IBD’s The Big Picture column amid the continuing stock market rally. It also identified Novo Nordisk and Merck as some of the best companies to watch, along with their correct buy points and type of buy points.
