EQUITY NEWS: Stocks Reverse, Oil Breaks Above $102, Apple Hires, Spending Update

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Symbol Price To change %To change
Me: DJI $31,288.26 +658.09 +2.15%
SP500 $3,863.16 +72.78 +1.92%
I: COMP $11,452.42 +201.24 +1.79%

The second-quarter earnings season heats up this week, with seven of the Dow’s 30 members and 71 S&P 500 companies (just over 14% of the benchmark) expected to report.

Major banks and financial institutions kicked things off last week, and this week we’ll hear from many more, including Bank of America, Goldman Sachs, American Express and Travelers to name a few. .

Tesla will launch the first of the large-cap consumer/tech titans with April-June results on Tuesday, followed by Netflix on Wednesday.

Other big names to watch include AT&T, Lockheed Martin, HCA Healthcare, American Airlines, United Airlines, Ebay, and Abbott Labs.

A July survey from the University of Michigan showed that inflation expectations remained stable or improved, as did general consumer sentiment. This was welcome news after reports that showed consumer prices remained extremely high in June, as well as wholesale prices for businesses.

The report also bodes well for investors looking for signs that the Federal Reserve may eventually ease its aggressive inflation-fighting policy.

The S&P 500 rose 1.9% to 3,863.16. Friday, snapping a five-day losing streak. The Dow Jones Industrial Average rose 2.1% to 31,288.26 and the Nasdaq gained 1.8% to 11,452.42 on Friday.

Smaller company stocks outperformed the broader market, pushing the Russell 2000 Index up 2.2% to 1,744.37.

Meanwhile, markets in Japan were closed Monday for a public holiday, but elsewhere in Asia stocks were higher.

Hong Kong’s Hang Seng Index jumped 1% to 20,507.34, while the Shanghai Composite Index gained 0.7% to 3,251.54.

In Seoul, the Kospi jumped 1.4% to 2,363.36. Australia’s S&P/ASX 500 added 0.5% to 6,637.50.

New Zealand stocks edged higher even after the government announced inflation hit a 32-year high of 7.3% in the April-June quarter. It was 6.9% in the previous quarter.

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