NEW YORK: Wall Street stocks were stable early Monday, holding on to recent gains to open a week that includes earnings from Tesla, Goldman Sachs and other large US companies.
Last week’s benign inflation data boosted stocks, adding to the market’s advance in the first half of 2023.
“Stocks have been on a tear,” Briefing.com analyst Patrick O’Hare said in a note, pointing to optimism that the US economy can avoid a recession.
But that dynamic has resulted in “stretched valuations,” O’Hare added, posing challenges as earnings season builds.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 34,472.79.
Wall St Week Ahead-Investors brace for earnings from ‘Magnificent Seven’ US growth giants
The broad-based S&P 500 was flat at 4,506.20, while the tech-rich Nasdaq Composite Index added 0.3 percent to 14,159.70.
This week’s calendar includes earnings reports from more banks following Friday’s results, as well as releases from other leading companies such as IBM and Netflix.
The week’s economic data releases also include US retail sales and housing starts for June.
Among individual companies, Ford dropped 5.0 percent as it announced steep price cuts on its F-150 Lightning electric trucks.
The automaker said an upgrade of its Michigan factory will enable it to triple output of the pickup trucks beginning this fall.
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