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Stock Market Today: Dow Makes Strong Start to Week as Banks, Tech Shine

Stock Markets May 23, 2022 04:03PM ET
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© Reuters

By Yasin Ebrahim

Investing.com -- The Dow climbed Monday, buoyed by a JPMorgan-led jump in banks and rally in big tech as the dip-buying seen late-Friday continued into the start of the week.  

The Dow Jones Industrial Average gained 2%, or 615 points, the Nasdaq was up 1.56%, and the S&P 500 rose 1.9%

JPMorgan Chase (NYSE:JPM) racked up more than 6% after the bank lifted its guidance on annual performance, forecasting net interest income to exceed $56 billion in 2022, above the prior forecast in January of $50 billion.

Banking stocks have been under pressure recently as fears about a recession offset expectations for higher interest rates as the Federal Reserve is set to step up the pace of monetary policy tightening.

But JPMorgan, while acknowledging that the risk of a “future adverse outcome” has increased, downplayed the risk of recession, pointing to a U.S. economy that  “remains fundamentally strong."

The positive outlook from JPMorgan sparked a rally in several banks including Citigroup (NYSE:C), Wells Fargo & Company (NYSE:WFC) and Bank of America (NYSE:BAC).

Energy stocks, meanwhile, rose more than 2% as oil prices wavered between gains and losses despite growing expectations for a boost in energy demand as Shanghai prepares to reopen after a two-month Covid-19 lockdown.  

Schlumberger NV (NYSE:SLB), APA (NASDAQ:APA), and Coterra Energy (NYSE:CTRA) were up sharply on the day, with the latter rising by more than 5%.  

Technology, which has led the recent market rout, continued to build on momentum seen late Friday, with Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), and Alphabet (NASDAQ:GOOGL) leading the gains.

Airbnb was marginally higher, shrugging off a CNBC report, citing unnamed sources, that the company is set to shut down its domestic business in China by this summer.

In deal news, VMware (NYSE:VMW) soared more than 24% on reports that the software company is in talks advanced talks to be acquired by chipmaker Broadcom (NASDAQ:AVGO) for about $140 a share. 

If the deal does go through, it could, however, attract regulatory scrutiny despite a lack of business overlap between the firms.

“Our one concern is the potential that regulators block the deal. While we don't see the business overlap that traditionally has created regulatory scrutiny, we would argue such overlap didn't exist with AVGO's proposed QCOM acquisition, nor QCOM's aborted efforts to buy NXP [Semiconductors],” Wedbush said.

Stock Market Today: Dow Makes Strong Start to Week as Banks, Tech Shine
 

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Comments (8)
Joseph Gichoho
SmartJoseph May 24, 2022 4:22AM ET
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Today is a big red day awaiting.
Abdui Rhim Afghan
Abdui Rhim Afghan May 23, 2022 7:46PM ET
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good
Robert Cox
Robert Cox May 23, 2022 5:53PM ET
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If you look at Big Tech in the aftermarket, tomorrow will be a VERY red day.
Patryk Sl
Patryk Sl May 23, 2022 5:53PM ET
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After and pre market doesn't mean sht. it's volume is a joke
Manoj Kumar das
Manoj Kumar das May 23, 2022 5:12PM ET
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nice
Mitchel Pioneer
Mitchel Pioneer May 23, 2022 5:09PM ET
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Another magical tightrope walk through the close.  The intraday volatility miraculously vanishes, and the laughingstock of the financial world sees no "late trade" pressure whatsoever, unlike Friday's miraculous "recovery" in the final hour.  The biggest investment JOKE in the world put on yet another show today.
Vladimir Vishnevetskii
Vladimir Vishnevetskii May 23, 2022 5:09PM ET
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hey go cry sonwhere else. stop unloading your bs here pls. if you are a bad trader it's only your problem
Atlantic Coast Money
Atlantic Coast Money May 23, 2022 5:09PM ET
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Jack Peterson
Jack Peterson May 23, 2022 5:08PM ET
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The excessive exuberance continues… until it doesnt
John Dislias
HephaestusTrades May 23, 2022 5:06PM ET
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Haha , all the gains are going to disappear in 3 hours …again ..
Stan Smith
Stan Smith May 23, 2022 4:50PM ET
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The FED shines!
 
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