Stocks Keep Rally Going as Big-Tech Earnings Loom: Markets Wrap

UK bonds posted some of their biggest gains on record
A gauge of the dollar strength rose while the yen dropped

WATCH: Chris Weston of Pepperstone discusses Fed and BOJ policies, Japan’s currency interventions, and the opportunities he sees in financial markets.Source: Bloomberg

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By Peyton Forte, Vildana Hajric, and Isabelle Lee

October 23, 2022 at 10:08 PM UTC

Updated on

October 24, 2022 at 9:00 PM UTC

This article is for subscribers only.

US stocks rallied for a second straight session as investors geared up for some of the world’s biggest companies to report earnings this week. Traders also mulled whether the Federal Reserve will slow its pace of interest-rate hikes after assessing weak economic data that released Monday.

More than 80% of stocks in the S&P 500 index closed in green on Monday, buoyed by gains in technology and health-care companies. The Nasdaq 100 also rose more than 1%. US-listed Chinese shares plunged after that nation’s equity index tumbled as President Xi Jinping solidified his power. Among the megacap companies slated to report earnings this week are Alphabet Inc., Microsoft Corp. and Meta Platforms Inc.