Zion shares fall after earnings
stocks Zions Bancorp fell more than 2% despite the regional bank’s fourth-quarter earnings beating estimates. Zions reported earnings of $1.84 per share, beating analysts’ expectations of $1.65, according to StreetAccount. Net interest income also beat estimates.
However, non-interest income was lower than expected and deposits fell 13% year-over-year to $71.7 billion.
Zion shares gained 2.27% in regular trading on Monday ahead of the earnings release.
– Jesse Pound
Dawson says stocks need to hold this key level to potentially be considered a rally
According to NewEdge Wealth’s Cameron Dawson, stocks rose on Monday, but not high enough to be considered a true market rally.
“We have to break the most critical level of 4,100,” Dawson said on CNBC.Closing call: Overtime” Monday. Because 4,100 is the S&P 500’s 65-day high.
Dawson said the S&P 500 is in a downtrend and never reaches a major action level in 2022. If the stock breaks this level, it could indicate that the rally has the potential to lead to a new bull market cycle.
Technicals and positioning can only get stocks so far, he added, before a fundamental shift is required to really give stocks forward momentum.
“We need to see a change in fundamentals to think this rally will continue,” he said.
He warned that upside stocks will likely remain limited until the Federal Reserve fully turns around and re-stimulates the U.S. economy.
“It’s unlikely we could go back to pre-pandemic times without the Fed’s help,” he said.
Dawson said if stocks can rally and break the 65-day high, that would make the S&P 500 also less likely to retest the October lows.
– Carmen Reinicke
Open-end stock futures were little changed
Futures were little changed on Monday evening after solid gains for stocks in regular trading hours. There were no big cap earnings reports after the call that would have led to big moves in the futures market.
– Jesse Pound
Nasdaq, chip stocks led the way on Monday
Stocks enjoyed a broad rally on Monday. Let’s take a look at some key numbers of the trading session.
- The Dow rose 254 points, or 0.76%, to close at 33,629.56.
- The S&P 500 index gained 47 points or 1.19% to close at 4019.81 points.
- The Nasdaq Composite gained 224 points, or 2.01%, to close at 11,364.41.
- Nvidia was the biggest drag on the Nasdaq, adding 36 points.
- VanEck Semiconductor ETF (SMH) rose 4.72% for its best day since November. 30.
– Jesse Pound, Christopher Hayes
