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Wall Street gains on rate cut hopes

Credit: Reuters Studio
Published on July 22, 2019 - Duration: 01:04s

Wall Street gains on rate cut hopes

The S&P 500 ended higher on Monday, supported by expectations of lower interest rates, while investors awaited quarterly earnings from marquee companies Facebook, Alphabet and Amazon this week.

Fred Katayama reports.

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Wall Street gains on rate cut hopes

Stocks on Wall Street edged higher Monday.

Tech and energy stocks led the rally in a week studded with earnings reports.

But investors shied away from making big bets ahead of key results later this week from behemoths Amazon and Facebook.

Avalon Advisors chief investment officer, Bill Stone: SOUNDBITE: AVALON ADVISORS CHIEF INVESETMENT OFFICER, BILL STONE (ENGLISH) SAYING: "Roughly a third of S&P (500 companies) report this week so that really kicks off in earnest tomorrow.

And it think some of it is just a little, you know, quiet before the storm of all that information." The biggest gainer on the S&P 500: Halliburton.

The oilfield service provider's quarterly profit fell but easily beat Wall Street's estimates.

Chip stocks like Micron Technology rose.

They got a boost from news that White House economic adviser Larry Kudlow would meet with semiconductor and software executives Monday to discuss the U.S. ban on sales to China's Huawei Technologies.

Boeing shares pressured the Dow index.

Fitch downwardly revised its outlook on the planemaker to "negative" from "stable." It cited regulatory uncertainty around the timing of the return to service of its 737 MAX jets.

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