Dow rises 100 points to start the week on hope of Fed rate cuts: Live updates

U.S. stocks rose Monday, with Wall Street looking to build on the previous session’s strong gains, after new jobs data revived hopes of the Federal Reserve cutting interest rates. 

The Dow Jones Industrial Average climbed 110 points, or 0.3%. The S&P 500 advanced 0.5%, and the Nasdaq Composite gained 0.6%.

Micron shares gained more than 5.5% after Baird upgraded the stock to outperform from neutral and said it sees “meaningful opportunities ahead” for shares. 

Wall Street is coming off a winning session, after fresh nonfarm payrolls data on Friday showed the U.S. economy added fewer-than-expected jobs in April and an increase in unemployment, easing fears of an overheating economy.

“It’s good that we’re getting some sort of a continuation, because it seems as if the market is saying that the pullback is over and we’ll just work our way back up,” CFRA chief investment strategist Sam Stovall said, adding that Monday’s momentum is a reaction to Fed Chair Jerome Powell’s statement last week that ruled out a rate hike as the central bank’s next move. That “made investors breathe a sigh of relief,” Stovall said.

Investors will get more clues on future Fed moves on Monday, with Richmond Fed President Tom Barkin and New York Fed President John Williams slated to speak.

While the peak of the first-quarter earnings season has passed, investors are still watching key companies set to report this week, including Dow member Disney on Tuesday and Uber on Wednesday. 

On Saturday, Warren Buffett’s Berkshire Hathaway reported a nearly 40% surge in year-over-year operating earnings for the first quarter. Berkshire also held its annual shareholder meeting.