Here are five key things investors need to know to start the trading day:
1. Market moves
The Dow joined the party of recent record highs on Friday, climbing more than 200 points to end the day above 40,000 for the first time since May. That added to a good week for the Dow Jones Industrial Average, which rose 1.6% for the period. The S&P 500, meanwhile, was up 0.9% last week, while the tech-heavy Nasdaq Composite rose 0.3% during the same period. With those gains, the Dow is up 6.1% for the year and the S&P 500 has risen 18% so far in 2024. Investors are hoping that trend will continue as companies start releasing second-quarter earnings reports in the coming weeks (more on that below). Follow live market updates.
2. Assassination attempt
Former President Donald Trump was shot at a rally in Pennsylvania on Saturday in an attempted assassination. The shooting left one attendee and the gunman dead, and two more attendees were in stable condition as of Sunday. Trump said he was grazed by a bullet that bloodied his face, and he was released from a local hospital Saturday night. The shooter was a 20-year-old Pennsylvania man who used a semi-automatic weapon, according to NBC News, but his motive remains unknown. The incident came just days before the Republican National Convention in Milwaukee, where Trump is set to be formally nominated as the GOP presidential candidate. President Joe Biden said the violence was "sick" and called for unity in the aftermath of the attack.
3. Back in the saddle
It's that time of season, it's that time of year: Earnings season is here. Some of the biggest banks in the country will report in the coming days, including Goldman Sachs, Morgan Stanley and Bank of America. They'll join more than 40 S&P 500 companies that are slated to release second-quarter results this week, and expectations remain high. FactSet data shows analysts anticipate the strongest earnings growth since the first quarter of 2022. Here are the earnings to watch this week:
- Monday: Goldman Sachs (before the bell)
- Tuesday: Bank of America, Morgan Stanley (before the bell)
- Wednesday: Johnson & Johnson (before the bell); United Airlines (after the bell)
- Thursday: Domino's Pizza (before the bell); Netflix (after the bell)
4. A Google of a deal
Google parent company Alphabet is nearing a deal to buy cybersecurity firm Wiz for $23 billion, the Wall Street Journal reported Sunday, citing people familiar with the matter. If it comes to fruition, it would be Google's biggest acquisition ever. Wiz was founded in 2020 and had considered an initial public offering as recently as May, when the company was valued at $12 billion. The talks come as the Justice Department has increased its antitrust scrutiny; it's sued Google twice on antitrust grounds.
5. Housing market
High home prices and mortgage rates have left aspiring homeowners feeling stuck. The 30-year mortgage rate has hovered around 7% for the past several months, a drastic increase from levels below 3% seen in the early years of the pandemic. Meanwhile, the Case-Shiller national home price index has hit all-time highs this year, and affordability is down as a result. It's also affecting current homeowners who want to sell their property.
— CNBC's Yun Li, Brian Evans, Rebecca Picciotto, Josephine Rozzelle, Jake Piazza, Christina Wilkie, Kevin Breuninger, Dan Mangan, Fred Imbert, Alex Harring and Gabriel Cortés contributed to this report.
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