Stocks climbed on Monday, the start of a busy week for corporate earnings and one with key economic data on the way that will set the stage for the next Federal Reserve decision. All major groups in the S&P 500 gained, with the exception of energy shares that joined a plunge in oil as markets acknowledged the receding threat to Iran’s oil infrastructure. Crypto companies surged, with Bitcoin up about 3%. A week before the Fed gathers to consider next steps when it comes to rates cuts, data is set to show continuing resilience in the US economy. Investors meanwhile await results from companies that account for almost 42% of the S&P 500’s market capitalization, including tech giants such as Apple, Microsoft and Meta. Here’s your markets wrap.
Boeing launched a nearly $19 billion share sale, one of the largest ever by a public company, to address the troubled planemaker’s liquidity needs and stave off a potential credit rating downgrade to junk. The company offered to sell 90 million common shares and about $5 billion of depositary shares. The infusion would be a big help to Chief Executive Officer Kelly Ortberg as he grapples with a balance sheet strained by the consequences of previous air disasters, near-disasters, years of additional turmoil and the fallout from a strike that’s crippling manufacturing of the company’s main cash cow.
