NEW YORK — U.S. stocks are climbing and clawing back some of the losses from their worst week since April. The S&P 500 was up 0.7% in early trading Monday. The Dow Jones Industrial Average was up 112 points, or 0.3%, and the Nasdaq composite was up 1.1%. Big Tech stocks regained some of their sharp drops from last week. Nvidia and others had sputtered amid criticism they’d grown too expensive. Two of them, Alphabet and Tesla, will report their latest results on Tuesday.
Biden’s decision “barely dented financial markets,” Stephen Innes of SPI Asset Management said in a commentary. Dozens of companies will report their latest financial results this week, including Coca-Cola, General Motors, Alphabet, Tesla, Ford and Southwest and American airlines. Cybersecurity firm CrowdStrike said the issue believed to be behind the outage was not a security incident or cyberattack and that it had deployed a fix. The company said the problem lay in a faulty update sent to computers running Microsoft Windows.Verizon slipped 3.9% in early trading after the telecom giant reported second-quarter profit that met Wall Street expectations. Revenue, however, fell short of targets.
This came after the government recently reported the economy expanded at a slower-than-forecast 4.7% annual pace in the second quarter.
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