US benchmark equity indexes were higher after midday Monday as markets awaited key corporate earnings scheduled for later in the week. The Nasdaq Composite was up 0.9% at 18,503.9 intraday, while the S&P 500 rose 0.7% to 5,856.9. The Dow Jones Industrial Average advanced 0.4% to 43,019.7. Barring energy, all sectors were in the green, led by technology and utilities. UnitedHealth, Johnson & Johnson, Bank of America, Goldman Sachs, Citigroup, Netflix, Morgan Stanley, Procter & Gamble and American Express are among the major companies scheduled to report their latest quarterly financial results later this week. In company news, Vistra shares were up 5.8%, the best performer on the S&P 500, as BNP Paribas Exane initiated coverage at outperform, with a $231 price target. Applied Materials was among the top gainers on the S&P 500 and the Nasdaq, up 3.5%. Longboard Pharmaceuticals agreed to be acquired by Danish pharmaceutical company H.
Lundbeck in a deal with an equity value of about $2.6 billion. Longboard's shares were up 51% intraday. Boeing saw the second steepest decline on the Dow, down 1.4%. Late last week, the troubled plane maker outlined plans to cut jobs and announced a preliminary third-quarter loss wider than Wall Street's estimates. West Texas Intermediate crude oil was down 1.8% at $74.19 a barrel intraday. "Oil prices erased last week's gains on China demand worries, while traders remained on edge about potential Israeli attacks on Iranian oil infrastructure," D.A.
Davidson said in a note to clients. The Organization of the Petroleum Exporting Countries cut its 2024 and 2025 global oil demand projections, while holding supply estimates steady. In the coming quarters, it seems likely that "further modest reductions" in the Federal Reserve's benchmark lending rate will be appropriate, Reuters reported, citing Minneapolis Fed President Neel Kashkari.
"Ultimately, the path ahead for policy will be driven by the actual economic, inflation and labor market data," Kashkari reportedly said. Last month, the central bank's Federal Open Market Committee cut interest rates by 50 basis points. The US bond market was closed Monday for Columbus Day. Gold was down 0.4% at $2,665 per troy ounce, while silver decreased 1.3% to $31.35 per ounce..