Wall Street is keeping a close eye on quarterly earnings given the stock market’s latest record run. The Dow and S&P notched all-time highs last week. The Nasdaq, meanwhile, entered Monday’s session just half a percent away from its record high.
“While high valuation levels remain a concern as well as the longevity of the bull market, this is offset by the fact that corporate earnings have recovered from the slump two years ago,” said Bruce Bittles, chief investment strategist at Baird, in a note Monday.
Investors also watched oil prices on Monday. Crude rose 5.2 percent last week and started the week hovering around $46.55 a barrel.
“Oil is looking pretty good. Sentiment is turning positive. I think we’re heading back to $50 in the short-term,” said Peter Cardillo, chief market economist at First Standard Financial.
That said, oil prices have fallen about 12 percent over the past three months as oversupply concerns have remained.
No major economic data were released Monday.
In Treasurys, the benchmark 10-year yield traded at 2.32 percent, while the short-term two-year yield rose to 1.356 percent.