U.S. stocks bounced Monday morning after the S&P 500 and Nasdaq Composite closed out their first three-quarter losing streak since the 2008 Global Financial Crisis and the Dow logged its first such span of losses since 2015.
The benchmark S&P 500 index rallied 2.1%, while the Dow Jones Industrial Average jumped more than 650 points, or around 2.3%. The technology-heavy Nasdaq Composite advanced 1.7%.
Sizable moves in energy markets kicked off the week, with oil prices swinging higher as reports surfaced that OPEC+ is considering a big production cut of more than one billion barrels per day. West Texas Intermediate (WTI) crude oil futures surged 5.6% to $83.99 per barrel, while Brent crude climbed about 3.9% to $88.45 per barrel.
Also, in the U.K., sterling edged higher after Prime Minister Liz Truss U-turned on a tax-cut plan that had spurred market tumult and an intervention from the Bank of England last week.
On the corporate front, shares of Credit Suisse (CS) fell 3% at the start of trading after the global investment bank’s CEO issued a memo over the weekend attempting to calm major investors about the institution’s financial health – an effort that backfired and instead raised questions about its financial stability.
The bank said last week that it was exploring potential sales of assets and certain business units as part of a strategic plan set to be revealed at the end of the month.
Tesla (TSLA) stock was also a mover Monday morning after the electric vehicle giant reported Sunday that it delivered 343,830 cars in the third quarter, a fresh record that came even as the company grappled with the shutdown of its China factory. Still, the figure came in below Wall Street expectations, which ranged from 358,000 to 371,000 vehicles. Shares fell more than 6% early into the session.
Investors are reeling from a brutal month and quarter that saw all three major averages enter a bear market. In September, the S&P 500 recorded a 9.3% loss, its worst monthly decline since the onset of the pandemic in March 2020. The Dow erased more than 8% and the Nasdaq Composite more than 10%. For the quarter, the indexes shed roughly 5.3%, 4.1%, and 6.7%, respectively.
As Wall Street turned the page, some strategists look ahead to October, which has been deemed a “bear-market killer” based on historically strong returns, especially in midterm election years. Every time the S&P 500 has dropped 7% or more in September, stocks have done well in October, Carson Group’s Ryan Detrick noted.
A high-stakes earnings season likely to be wrought by slashed forecasts and worsening fundamentals tied to inflation and rising interest rates, however, makes this time different.
“The focus will be on earnings because we’re going from a moderation shock, with higher interest rates, to a growth shock,” Luca Paolini, chief strategist at Pictet Asset Management, told Yahoo Finance Live in a recent interview. “This is where we feel more worried, and next earnings season is going to be really critical.”
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Click here for the latest trending stock tickers of the Yahoo Finance platform
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Image and article originally from finance.yahoo.com. Read the original article here.