US stocks closed higher Monday, with gains from giants in the technology sector.
Shares of tech giant Alphabet (NASDAQ:GOOGL), the parent company of Google jumped earlier in the day, up 2.5%, but sank 3.5% in after-hours trading on Monday.
The company reported that it beats on earnings and revenue in the fourth quarter. The company's revenue jumped in the fourth quarter, up 23%, but payments to partners was up 26%. Additionally, losses from subsidiary businesses, such as Verily and Waymo, nearly doubled year-over-year.
Slack, a workplace messaging company, said Monday that it had filed paperwork for an initial public offering, joining an ever-growing number of technology startups to the markets. With a goal to help employees better collaborate at work, Slack has been called an "email killer," giving users a chatroom-like service.
The Dow Jones Industrial Average climbed 175.14 points, or 0.7%, at 25,239.37 at the close, while the Nasdaq was up 1.2% at 7,347.54.
The S&P 500 Index climbed 0.7% to 2,724.87 while the Russell 2000 Index of small-caps advanced 1% to 1,517.54.
9:30 AM: Wall Street opens flat as investors adopt wait-and-see approach
US stocks opened flat Monday as investors adopted a wait-and-see approach ahead of another busy week for corporate earnings and the release of a slew of economic data, which had previously been delayed due to the long government shutdown.
Elsewhere, the Russell 2000 index of small-cap stocks was also in the green, hovering around 1,502.05.
7:15 AM: Wall Street starting week marginally higher as markets eye Google results
US stocks are poised for a marginally positive open Monday as European indices are generally lower and as traders await more earnings.
Foremost among those perhaps is from tech giant Alphabet (NASDAQ:GOOGL), the parent company of Google, which will report its latest quarterly numbers after the New York bell tonight and analysts are expecting a 20% increase in sales compared to the same period last year.
But on the plus side, the latest stats showed that no-farm payrolls picked up 304,000 jobs in January for their biggest gain since February 2018.
On Wall Street on Friday, the Dow Jones Industrial Average added around 64 points at 25,063, the tech-heavy Nasdaq lost around 17 points at 7,263. The broader-based S&P 500 added over two points at 2,706.
In futures trade today, the Dow Jones is up 4 points; the Nasdaq is ahead by around three and the S&P 500 is near flat. In Toronto, the TSX on Friday shed around 34 points to 15,506.
In Europe, FTSE 100 is up over 19 points; the German Dax is down 31. The CAC 40 is down around 26.
In Asia overnight, sentiment was generally upbeat. The Nikkei 225 added around 95 points at 20,833, while the Shanghai composite Index added around 33.
Connor Campbell, analyst at spread betting group Spreadex.com, said in a note: "At the moment the Dow Jones is looking just as dull as its European peers did earlier in the day, the futures suggesting the index will start the week flat at 25050. Beyond the rescheduled factory orders figure, which is expected to bounce from -2.1% to 0.3% month-on-month, there isn’t a whole lot for the US markets to grapple with, the juiciest release, Alphabet’s Q4 results, happening after hours."
Contact Katie Lewis at [email protected]