U.S. stocks gained ground on Monday as the latest round of earnings reports got underway. The S&P 500 edged higher by 0.33%, with the Nasdaq Composite index gaining 0.28% and the Dow Jones Industrial Average adding 0.30%. Bond yields were also up, with the 10-year note rising to 3.597% and the two-year note yields advancing to 4.188%.
Investors’ focus remained strongly on the financial results of financial institutions as they looked for clues about the progress that the banking sector has made since the collapse of Silicon Valley Bank last month and the industrial instability that followed.
JPMorgan posted a record quarterly revenue that beat estimates, with its stock surging by 7.5% during Monday’s trading. Citi and Wells Fargo also beat Wall Street expectations. Bank of America, Goldman Sachs, and Bank of New York Mellon are all set to report their quarterly earnings on Tuesday before the opening bell.
As things stand, markets have given an 86% probability that the Federal Reserve will raise interest rates by 0.25% in May.
Other stocks that are set to report their quarterly figures later on Tuesday include Netflix, United Airlines, and Western Alliance.