The major stock market indexes rose Monday morning and traded near highs at the end of the first hour. Investors were hopeful as they awaited Tuesday's CPI report.
The Dow Jones Industrial Average and the S&P 500 both gained 0.7%. The Nasdaq composite led the indexes, adding 0.8%, while the small-cap Russell 2000 was ahead 0.4%.
Volume on the NYSE and Nasdaq was lower compared with the same time on Friday,
The Dow held support at its 50-day moving average, while the S&P 500 held above its 21-day exponential moving average. The Nasdaq remains above its 200-day moving average and its 21-day line. The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF (QQQ) rose 0.9%.
Crude oil dipped 0.7% to $79.14 per barrel. The Energy Select Sector SPDR ETF (XLE) trimmed 0.8% but held above its 21-day line.
Bitcoin futures dipped 0.4% to $21,710. The Innovator IBD 50 ETF (FFTY) rose 0.9%.
January consumer price index numbers are due out Tuesday at 8:30 a.m. ET.
The core month-over-month change is expected to rise 0.5%, compared to December's 0.1% decline. The yearly change consensus shows a 6.2% increase, lower than December's 6.5%. The Fed will be looking for more disinflation to consider changes in future policy decisions.
The 10-year U.S. Treasury yield shed 2 basis points to 3.72%.
European markets were up, with the German DAX gaining 0.5% and Paris CAC 0.9%. The London FTSE inched up 0.5% in afternoon trading.
Norfolk Southern (NSC) fell 0.4% after the EPA sent the railroad a general notice of potential liability, following an Ohio train derailment of hazardous chemicals Tuesday. Shares tested the 200-day moving average in heavy volume.
Monday.com (MNDY) jumped over 11% after reporting better-than-expected Q4 earnings per share and revenue.
Fidelity National Information Services (FIS) gapped down over 14% in heavy volume, after reporting Q4 earnings and lowering 2023 guidance. The financial stock fell below its 50-day moving average, a bad sign, and is the S&P 500 biggest loser.
Cloud-based data analytics platform Teradata (TDC) gapped up over 11% in heavy volume after beating Q4 top and bottom lines and raising Q1 EPS guidance.
Upscale-apparel retailer Ralph Lauren (RL) rose 2.1% after BofA Securities upgraded the stock to buy from neutral with a price target of 145. The stock is in a handle of a cup-with-handle base with 195.07 buy point.
Companies due to report this week include Coca-Cola (KO), Airbnb (ABNB), Arista Networks (ANET), Deere (DE) and Crocs (CROX).
IBD 50 stock Cadence Design Systems (CDNS) rose 0.8% and is in a cup base with a 195.07 buy point. Lattice Semiconductor (LSCC) gained 1%. Both companies reports earnings after the market close.
Speculative-growth ARK Innovation ETF (ARKK) dipped another 0.2%, after falling almost 14% after it hit the top of a cup-with-handle base on Feb. 2. Tesla (TSLA) is a major holding in the the fund.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
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