The S&P 500 closed higher on Monday ahead of a heavy week of earnings results from major companies.
Big banks, including, Goldman Sachs Group Inc (NYSE:GS), Bank of America Corp (NYSE:BAC) and Morgan Stanley (NYSE:MS) are all set to release earnings this week. Tesla Inc (NASDAQ:TSLA) and Netflix Inc (NASDAQ:NFLX) will also reports earnings this week.
State Street Corp (NYSE:STT) shares dropped more than 9% on Monday after the company’s quarterly profit missed analysts' expectations.
On the economic data front, the NY Empire State Manufacturing Index surged to 10.8 in April from -24.6 in the previous, beating market expectations of -18, while the NAHB/Wells Fargo Housing Market index climbed for a fourth month to a reading of 45 in April.
Majority of the sectors on the S&P 500 closed on a positive note, with real estate and financial stocks recording the biggest gains on Monday. However, energy and communication services stocks closed lower during the session.
The Nasdaq 100 rose 0.06% to close at 13,087.71 on Monday, amid gains in shares of Microsoft Corp (NASDAQ:MSFT) and Tesla Inc (NASDAQ:TSLA).
The S&P 500 rose 0.33%, while the Dow Jones added 0.30% to 33,987.18 in the previous session.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 0.7% to 16.95 points on Monday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
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