NEW YORK — Wall Street is opening higher following a three-week losing streak. The S&P 500 was up 0.5% early Monday, coming off its longest weekly losing streak since September. The Dow Jones Industrial Average was up 165 points, and the Nasdaq composite was up 0.7%. Verizon Communications was supporting the market after reporting stronger profit than analysts expected. That helped offset a drop for Tesla, which announced more cuts to prices over the weekend.
Verizon jumped 3.6% after the telecom giant beat Wall Street's profit targets on strong wireless service growth. A bevy of big names are reporting earnings this week, including PepsiCo, General Motors, Boeing, Ford, Meta, American Airlines and Google parent Alphabet. Fed officials are adamant that they want to see additional proof inflation is heading down toward their 2% target before lowering the Fed’s main interest rate, which is at its highest level since 2001.
In Asian trading, Hong Kong's Hang Seng led the region, gaining 1.8% to 16,511.69. But the Shanghai Composite index shed 0.7% to 3,051.76 after the People's Bank of China kept its 1-year and 5-year loan prime rates unchanged.
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