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Stocks close mostly higher ahead of a wave of tech earnings

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FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 8, 2018. REUTERS/Brendan McDermid
Traders
work on the floor of the NYSE in New York

Thomson Reuters

Stocks were mostly higher Monday as Wall Street shifted focus
from ongoing tensions surrounding the Trump administration to a
wave of tech earnings out this week. Financial stocks rallied,
with JPMorgan
gaining 1.9%. The dollar rose,
and the 10-year
Treasury yield
jumped to its highest level in more than a
month.

Here’s the scoreboard:

Dow Jones industrial
average
:
 25,045.35 −12.77 (-0.051%)

S&P
500
2,807.52 +5.69 (0.20%)

  1. President Donald Trump and Iranian President Hassan
    Rouhani
    hurled ominous threats at one another
    After
    Rouhani said in a speech that a conflict between Iran and the
    US would be the “mother of all wars,” Trump
    fired back on Twitter
    . He warned that if there are more
    threats, “YOU WILL SUFFER CONSEQUENCES THE LIKES OF WHICH FEW
    THROUGHOUT HISTORY HAVE EVER SUFFERED BEFORE.”
  2. In a separate tweetstorm, the president lashed
    out at Amazon.
    He claimed again that the
    e-commerce company takes advantage of the US Postal Service and
    attacked the Washington Post, which is owned by Amazon CEO Jeff
    Bezos. The outburst came after
    a weekend of critical news reports
    on the White House and
    the Trump campaign.
  3. US home sales dropped unexpectedly last month as a
    housing shortage
    sent prices soaring
    Existing home sales fell
    0.6% in June, the National Association of Realtors said, to a
    seasonally-adjusted annual rate of 5.38 million units.
  4. Tesla
    appears to have asked some of its suppliers for refunds in
    attempt to
    meet profitability goals
    The Wall Street
    Journal reports that a memo sent to a supplier said the cash
    back would be “essential to Tesla’s continued operation.”

And a look at the upcoming economic calendar:

  • The US trade representative holds a hearing on the pending
    $16 billion worth of tariffs on Chinese goods.
  • Manufacturing activity numbers are out in the eurozone.
  • Australian inflation data cross the wire.
  • Alphabet reports after the bell; Facebook, Amazon and Twitter
    earnings are out later this week.

See also: 


This week is a rare ‘paradise’ for stock pickers and there’s a
simple way to cash in, according to Bank of America


Trump’s trade war is overshadowing another global battle that
could plunge markets into chaos


The world’s fastest-growing equities business has raided Credit
Suisse yet again for a senior hire

Get the latest Tesla stock price here.

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