U.S. stocks fluctuated on Monday as investors await several earnings reports from later in the week. The S&P 500 Index was little changed, while the Nasdaq 100 soared by 0.3%.
Meanwhile, the Stoxx Europe 600 Index surged forward by 0.7%, and the MSCI Asia Pacific Index added 0.3%. The MSCI Emerging Market Index increased by 0.4%.
The S&P 500 notched ahead in a third straight weekly gain but remained mostly steady on Monday. However, Intel, Microsoft, Twitter, and Tesla are among the companies slated to deliver results this week.
Noble Energy began climbing up after Chevron agreed to buy the company for about $5 billion in shares. AstraZeneca also saw profit ahead of highly anticipated results from early vaccine studies.
Investors are observing the situation in Washington, where lawmakers plan to begin formulating a rescue package to replace some of the expiring benefits earlier versions contained. Euro-area leaders seem close to an agreement on stimulus.
What’s happening in Europe?
European stocks advanced on Monday. The EU appears ready to accept 390 billion Euros in grants for the Fund. Even though stock markets have climbed up higher in recent weeks, there are still plenty of concerns about the health of the global economy, with coronavirus spreading unabated in parts of the U.S.
According to reports, in the euro area, unemployment could hit almost 10% by the end of the year as the economy continues deteriorating.
Los Angeles Mayor Eric Garcetti has declared that the city is on the brink of another stay-at-home order. Meanwhile, Hong Kong added a record of 108 infections.
Gene Tannuzzo, a portfolio manager at Columbia Threadneedle, stated that the economic dislocation of coronavirus triggered a tremendous response by fiscal and monetary policymakers, as well as central banks. While these measures helped stabilize markets, we still find ourselves in an environment of continued low growth.
