Major U.S. stock indices were hanging in there Monday, as tech stocks began to recover from a rough last week.
The S&P 500 rose 0.1%, with the tech-heavy Nasdaq up 0.9%. In a risk-off move, the 10-Year Treasury yield slipped to 0.58%.
The NYSE FANG Index was down 5% from July 20 into Monday, as sky-high tech valuations are met with earnings reports that could be sobering, as investors look to see if the accelerated growth trends from the at-home environment are closer to sustainable or closer to one-time. Earnings this week will come from Amazon (AMZN) - Get Amazon.com, Inc. Report, Facebook (FB) - Get Facebook, Inc. Class A Report and Apple (AAPL) - Get Apple Inc. (AAPL) Report, which are up between 1% and 2%. Those reports could be pivotal, as earnings have already sent shares of other big tech names down.
Other areas of market like oil, banking and consumer discretionary were in the red, to the tune of about 1% to 2% for some stocks. This comes even as Moderna (MRNA) - Get Moderna, Inc. Report gets more than $400 million from the U.S. government for its coronavirus vaccine efforts. The stock rose more than 6%.
Also to come out this week are jobless claims number. This comes amidst paused reopenings, a surge in virus cases and a labor market that has stalled of late, with jobless claims recently humming at around 1.4 million a week for the last month or so. Congress has been slow on a new fiscal stimulus bill, adding some anxiety for investors.