Wall Street opened the week with a rally led by tech stocks, but Verizon went the other way. The Nasdaq Composite rose 0.82% to 26,169.38 on Monday, the S&P 500 gained 0.70% to 7,676.77, and the Dow Jones Industrial Average added 146 points, or 0.28%, to 52,361.58, CNBC reported.
Verizon shares slid 3.2% after its earnings report. The telecom company posted earnings that beat estimates but revenue that fell short, according to CNBC.
A bounce after a rough week
The gains followed back-to-back weekly losses for the S&P 500 and the Nasdaq. On Friday, the Dow dropped 652.82 points, or 1.2%, as oil prices climbed and a weak economic report weighed on investors. Yahoo Finance noted that 24 of the Dow’s 30 stocks ended that session lower.
Monday’s move was broader. CNBC said many parts of the market took part in the rise, and it credited a lift in technology shares after Anthropic filed to go public on the Nasdaq. TheStreet also tied the tech gains to that filing.
Why Verizon fell despite a strong quarter
The stock drop looks odd next to the numbers. Verizon said it added 406,000 postpaid phone customers, its strongest third quarter in five years, and raised its full-year forecast for the third time, as we covered in our report on Verizon’s quarter. Early in the session the stock traded roughly flat, near $44.
What comes next
The Federal Reserve’s two-day policy meeting begins Tuesday, with the decision due Wednesday at 2 p.m. ET and a news conference with Chair Kevin Warsh half an hour later. Microsoft, Alphabet and Amazon report earnings Wednesday and Thursday, and the government releases third-quarter GDP and inflation data Thursday morning. Futures were little changed Monday night as traders waited for those events.
