The S&P 500 hit an all-time high today following strong earnings and progress on U.S.-China trade. The S&P 500 rose 0.3% at the open to trade above 3,027.98, the record set on July 26.
are among the companies that reported stronger-than-forecast profits on Monday. Walgreens and AT&T shares rose 1.5% and 3.3%, respectively. Spotify gained 10.7%.
"The US equity markets have been surprised by the strength of the 3Q results," said Sean Darby, global equity strategist at Jefferies, in a note. "With the US earnings season producing a positive string of results and investors positioning extremely risk averse alongside negative US real interest rates, we believe there is further upside for global equities."
Improvement on the U.S.-China trade front has also lifted investor sentiment recently. U.S. and Chinese officials said they were "Chinese state-run news agency Xinhua also pointed to progress being made on trade. The world's two largest economies have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
. Apple shares are up more than 10% in October amid optimism around iPhone 11 sales. UnitedHealth has rallied 12.7% for the month through Friday's close, while J.P. Morgan Chase has gained 7.1% amid expectations that interest rates have bottomed. Tech and financials are the best-performing sectors month to date. They are up 3% and 2.2%, respectively, entering Monday's session.Monday's moves come ahead of a highly anticipated Fed meeting later this week. The Fed is largely expected to cut rates by 25 basis points for the third time this year.
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