Weekly stock market: An upsurge of earnings

During Monday’s trading session, the U.S. stock market closed higher as another round of key earnings began. Following the fall of Silicon Valley Bank last month, investors are still focusing on financial institution outcomes.

At the closing, the S&P 500 (GSPC) gained 0.33%, the Nasdaq Composite (IXIC) gained 0.28%, and the Dow Jones Industrial Average (DJI) gained 0.30%.

Bond yields rose noticeably. On Monday, the yield of the 10-year note rose to 3.597%, whereas the yield of the two-year note rose to 4.188%.

First Bank (FRBA), Pinnacle Financial Partners, Inc. (PNFP), ServisFirst Bancshares, Inc. (SFBS), and CrossFirst Bankshares, Inc. (CFB) are all scheduled to report after the close on Monday, bringing additional insight into the banking sector.

On the commodities front, gold futures (GC=F) are holding onto important levels over $2,000 per ounce following comments from Federal Reserve members last week about hawkish rate hikes. According to AAA data, crude oil (CL=F) has remained above $80 per barrel for the past week, while gas prices nationwide have risen to $3.673.

On Friday, the first batch of earnings after the failures of Silicon Valley Bank and Signature Bank began, with JPMorgan (JPM) announcing a record quarterly revenue that exceeded analyst expectations, raising the stock by 7.5%. Citi (C) and Wells Fargo (WFC) also outperformed estimates on the same day.

The summary of the most popular stock market tickers of this week

Alphabet Inc. (NASDAQ: GOOG): Shares fell on Monday morning. There were rumors that Samsung Electronics was considering replacing Google as the default search engine.

XPeng Inc. (XPEV): Shares of the Chinese electric vehicle manufacturer rose. The business revealed a new technology platform that will reduce expenses.

Moderna Inc. (MRNA): The stock dropped after its Merck-partnered cancer vaccine revealed “a longish and complex path” to approval.

M&T Bank Corporation (MTB): The company announced better-than-expected first-quarter earnings. It indicated confidence in the regional lender’s earlier-year fallouts in the banking sector.

Charles Schwab Corporation (SCHW): In its most recent reports, the company recorded a $41 billion loss in deposits for the first three months of 2023.