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Key Takeaways
- U.S. equities gained at midday Monday, ahead of earnings from big tech firms and a decision on interest rates from the Federal Reserve due later in the week.
- Tesla shares advanced after Morgan Stanley called the electric vehicle (EV) maker a "top pick" among U.S. auto companies.
- Onsemi shares surged after the chipmaker reported better-than-expected revenue.
U.S. equities rose at midday Monday, ahead of earnings from big tech firms and a decision on interest rates from the Federal Reserve due later in the week. The Dow, S&P 500 and Nasdaq gained.
Onsemi's (ON) stock price surged, leading S&P 500 gains after the chipmaker reported better-than-expected revenue and highlighted gains in the automotive industry.
Shares of McDonald’s (MCD) climbed as the fast-food giant expressed optimism about growth the rest of the year, even as second-quarter profit and sales missed estimates.
Tesla (TSLA) shares advanced after the electric vehicle (EV) maker replaced Ford Motor (F) as Morgan Stanley’s top pick for U.S. auto companies. The analysts said Tesla is managing risk and cornering the market for EV tax credits. Ford shares lost ground.
Abbott Laboratories (ABT) shares declined after a jury in Missouri ruled the company must pay $495 million in compensation and damages in a lawsuit over its premature infant formula.
Shares of Loews (L) also dropped after the company announced CEO James Tisch is stepping down.
Oil and gold futures dropped. The yield on the 10-year Treasury note was down. The U.S. dollar was up versus the euro, pound, and yen. Trading in most major cryptocurrencies was mixed.
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