US Markets Open the Week Higher on Corporate Headlines

U.S. equities rebounded from last week’s selloff and finished higher as the market shifted focus from concerns about inflation and Fed interest rate hikes to corporate news and upcoming earnings reports.

Caterpillar (CAT) was the best-performing stock in the Dow, with shares up 1.6%. Shares of Boeing (BA) rose 1%. Tech stocks gained, with shares of Apple (AAPL), Cisco Systems (CSCO), Microsoft (MSFT), and Salesforce (CRM) advancing. Union Pacific (UNP) led the S&P 500 higher as the largest U.S. freight rail carrier announced it would select a new CEO this year. 

Tesla (TSLA) shares jumped 5.5% following a report that production at the electric vehicle (EV) maker’s German factory is ahead of schedule. Tesla’s stock price has nearly doubled since early January, lifting CEO Elon Musk back to the top of the Bloomberg Billionaires Index. Shares of rival Fisker (FSR) soared as the EV manufacturer announced that it was sticking with its 2023 production estimate and spent less than expected in 2022. An analyst upgrade boosted shares of Enphase Energy (ENPH), and shares of SolarEdge Technologies (SEDG) and other solar energy firms also rose. Albemarle (ALB) shares climbed as Wells Fargo named the big lithium producer’s stock as a signature pick.

DISH Outage

DISH Network (DISH) shares tumbled 8% as the satellite TV provider struggles with a days-long outage of certain corporate systems, with some reports saying it was the victim of a cyber attack. Shares of Pfizer (PFE) dropped on a report that the drug maker is in discussions to purchase biotech company Seagen (SGEN). Seagen shares added 10%. Walgreens Boots Alliance (WBA) shares dipped after the biggest U.S. pharmacy chain moved to put much of its Illinois headquarters campus up for sale to reduce real estate costs.

The yield on the 10-year Treasury note declined. Oil futures lost ground. Gold prices moved higher. The U.S. dollar fell to the euro, pound, and yen. Major cryptocurrencies gave up early gains and traded lower.