US Stocks Gain

US stocks were higher on Monday, with the S&P 500 adding about 0.5%, the Dow Jones rising 180 points and the Nasdaq gaining 0.6%, as traders brace for a week packed of corporate earnings and key economic data.

Companies such as Microsoft, Meta, Alphabet, Tesla, and American Airlines are set to release their quarterly results.

Additionally, attention will be on US GDP growth figures, PCE inflation data, and S&P Global PMIs.

Communication Services, tech and consumer discretionary were the top performers while energy and materials underperformed.

On the corporate front, Nvidia shares surged by over 3% following a 10% drop on Friday, while Verizon saw a nearly 1.9% increase after reporting fewer subscriber losses than anticipated.

However, Tesla took a hit, dropping over 5.4% after announcing a price cut for its Model 3 in China.

Truist Financial was also down about 0.8% after lowering its revenue guidance for the rest of the year.