Wall St stocks end higher with major corporate earnings in view

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Wall Street stocks ended higher on Monday following a market sell-off in previous sessions as investors eyed a busy week for quarterly results from key companies that would provide a glimpse of the U.S. economy's health. All 11 S&P 500 sectors closed higher, with technology and financial stocks leading gains. Markets were gearing up for quarterly results from megacap companies this week, including some of the so-called Magnificent Seven stocks such as Tesla, Meta Platforms, Alphabet, and Microsoft. Money markets are pricing in only about 41 basis points (bps) of rate cuts this year, down from about 150 bps seen at the beginning of the year, according to LSEG data. According to preliminary data, the S&P 500 gained 44.25 points, or 0.89%, to end at 5,011.48 points, while the Nasdaq Composite gained 169.30 points, or 1.11%, to 15,451.31. The Dow Jones Industrial Average rose 261.11 points, or 0.69%, to 38,247.51. Tesla shares dropped as the electric vehicle maker cut prices in a number of its major markets, including China and Germany, following price reductions in the United States. Cardinal Health fell sharply after the drug distributor said its contracts with UnitedHealth Group's OptumRx, one of its largest customers, will not be renewed when they expire at the end of June.

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