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The four day sell-off on Wall St came to an end on Monday as corporate earnings results boosted investor sentiment ahead of another big reporting season week and the release of key inflation data out later this week. The Dow Jones advanced 1.16%, it’s best day in almost 2-months. The S&P 500 added 0.9%, and the tech heavy Nasdaq ended Monday’s session up 0.61%, however was restricted by a 1% drop in Tesla.
Corporate earnings season has kicked off with a bang, with results stronger than expected. Of the 85% of companies that have posted their quarterly results so far 80% have beat Wall St forecasts according to FactSet.
Over in Europe, markets closed mixed on Monday amid the ongoing release of corporate earnings results and ahead of the release of two key inflation prints later in the week. The STOXX 600 closed 0.1% higher, however the German DAX ended the day marginally lower. In the UK, the FTSE 100 fell 0.13% and the French CAC finished the day off 0.06% higher.
The local market closed 0.22% lower on Monday, weighed down by investors selling out of the healthcare and financials sectors.
ResMed continued its sell-off yesterday, with the healthcare company falling a further 4.23% on the back of poor performance for the stock in the US on Friday. Despite this, Goldman Sachs has said while ResMed’s latest update was disappointing on a margins front, performance should improve soon and this dip in the share price presents as a buying opportunity.
What to watch today: