US stocks climbed higher, led by technology shares, as investors continue to price in the impact of tax cuts ahead of corporate earnings season, which starts later this week.
The S&P 500 rose 0.2%, while the Dow Jones Industrial Average declined less than 0.1% and the more tech-heavy Nasdaq 100 increased 0.3%.
First up, the scoreboard:
- Dow: 25,283, -12.87, (-0.05%)
- S&P 500: 2,747.71, +4.56, (+0.17%)
- Nasdaq: 7,157.39, +20.83, (+0.29%)
- US 10-year yield: 2.48%, +0.004
- WTI crude oil: $US61.89, +$US0.45, +0.73%
1. Wall Street is set up for an abnormal earnings season. In the fourth quarter of last year, Wall Street analysts made the smallest cuts to their estimates of any quarter since 2010, according to FactSet.
2. GoPro cut over 250 jobs and reduced its CEO’s cash pay to $US1 in a huge restructuring plan. The stock dropped as much as 33% as the company also said it will exit the drone business. The company also denied reports that it’s hired JPMorgan to advise in a sale.
3. Spotify is bypassing the normal IPO process – and there are good reasons why more companies don’t do it. Most notably, very few companies have the same combination of name-brand recognition and private fundraising success that Spotify does.
4. Kohl’s is defying the retail meltdown – and it’s more proof that malls are dying. The company’s same-store sales surged 6.9% during the holiday period.
5. Amazon is making a major play for Windows PCs. At the Consumer Electronics Show in Las Vegas this week, several Windows PC manufacturers announced new computers coming this year that will support Amazon’s voice assistant, Alexa.