US open: Stocks trade higher as market participants brace for Q3 earnings
By Iain Gilbert
Date: Monday 11 Oct 2021
(Sharecast News) - Wall Street stocks were in the green early on Monday as market participants geared up for the start of third quarter earnings season later in the week.
As of 1520 BST, the Dow Jones Industrial Average was up 0.48% at 34,912.69, while the S&P 500 was 0.43% firmer at 4,410.12 and the Nasdaq Composite came out the gate 0.42% stronger at 14,641.45.
The Dow opened 166.44 points higher on Monday, extending modest gains recorded on Friday that saw major indices end the week in positive territory despite a poor jobs report.
Monday's principal focus was surging energy prices, with West Texas Intermediate crude jumping 2.41% to $81.26 per barrel and the likes of Occidental Petroleum, Diamondback Energy and Chevron all trade higher.
Also weighing on sentiment was a report from Goldman Sachs that saw the bank cut its economic growth forecasts for 2022 to 4% from 4.4% and lower its 2021 estimate to 5.6% from 5.7%, pointing to the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending as its reasoning.
Looking ahead, third quarter earnings season will kick off on Wednesday, with Delta Air Lines, BlackRock and JP Morgan Chase all reporting earnings, while Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and Citigroup will follow later in the week.
No major data points or corporate earnings were slated for release on Monday.
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