U.S. stocks powered higher on Monday as strong earnings overshadowed continued uncertainty on tariffs and the White House’s pressure on the Federal Reserve.
The yield on the 10-year Treasury dropped 4.7 basis points to 4.384%. The U.S. dollar fell 0.55% against the euro and sank 0.97% against the yen. That’s after upper-house parliamentary elections in Japan were not as disastrous for Prime Minister Shigeru Ishiba’s coalition as feared, though his future remains in doubt.
Gold jumped 1.52% to $3,409.50 per ounce. U.S. oil prices dipped 0.52% to $66.99 per barrel, and Brent crude lost 0.42% to $68.99.
Verizon helped the market after beating quarterly earnings forecasts and raising its profit outlook for the year. Shares of the telecom giant surged 4%.
That follows upbeat results last week from big banks like JPMorgan, which said U.S. consumers remain resilient despite headwinds from tariffs.
Meanwhile, Trump’s trade war and his war on the Fed are still hanging over the market.
That’s after the White House accused Powell of mismanagement over the Fed headquarters renovation, while backing off suggestions he should be fired.
