ALBAWABA - The US indexes closed with slight gains on Monday as investors eagerly awaited statements from Federal Reserve policymakers this week, including Jerome Powell, to gauge the monetary policy direction in the United States.
Investors are also keeping a close eye on several major corporate earnings releases this week, including Walt Disney and Instacart.
A total of 403 companies in the S&P 500 index reported their earnings for the third quarter until Friday, with 81.6% of them surpassing analysts' expectations.
Performance of the key US indexes:
The Dow Jones Index rose by 0.1%, equivalent to a 34-point increase, marking its sixth consecutive session of gains and achieving its highest daily close in approximately 7 weeks.
The Nasdaq Composite Index increased by 0.3%, marking its seventh consecutive session of gains and achieving its highest daily close in about 3 weeks.
The S&P 500 Index rose by 0.2%, marking its sixth consecutive session of gains and achieving its highest daily close in about 3 weeks.
Microsoft Stock:
Microsoft's stock rose by more than 1% on Monday, reaching its highest level in about 4 months, adding $28 billion to the company's market capitalization in a single day. Microsoft's stock has risen in 8 out of 9 sessions following the company's financial results announcement on October 24.
The company announced a 27% year-on-year increase in its net earnings to $22 billion in the third quarter, with revenues growing by 13% to $56.5 billion. Earnings per share reached $2.99, surpassing the expected $2.65 per share.
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Dish Network Stock:
Dish Network's stock plummeted by more than 37% on Monday, reaching its lowest levels since 1998, or approximately 25 years ago. These losses followed reports that CEO Erik Carlson would step down after the company misjudged its quarterly revenues.
The company suffered significant losses in the third quarter, amounting to 26 cents per share, while analysts had expected earnings of 6 cents per share for the mobile phone service and satellite TV channel provider.
In its commentary on the results, MoffettNathanson described the earnings report as "shockingly bad" and predicted that Dish would likely face bankruptcy in the coming years.
