Stock futures are little changed as Wall Street looks to build on back-to-back gains

Zions shares fall after earnings

Actions of Zions Bancorp fell more than 2% despite the regional bank beating estimates for fourth-quarter earnings. Zions reported $1.84 in earnings per share, above the $1.65 expected by analysts, according to StreetAccount. Net interest income also beat estimates.

Non-interest income, however, was lower than expected, and deposits fell 13% year-over-year to $71.7 billion.

Shares of Zion rose 2.27% in regular trading on Monday before its earnings were announced.

— Jesse Pound

Stocks need to reach this key level to potentially be considered recovered, Dawson says

Stocks rose on Monday, but not high enough to be considered a true market rally, according to NewEdge Wealth’s Cameron Dawson.

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“We have to break through the most critical level of 4,100,” Dawson said Monday on CNBC’s “Closing Bell: Overtime.” That’s because 4,100 is the S&P 500’s 65-day high.

The S&P 500 never reached a key moving level in 2022 because it was in a downtrend, Dawson said. If the stock breaks this level, it may indicate that the rally has the potential to transition into a new bull market cycle.

Technicals and positioning can only get stocks so far, she added, before a fundamental shift is needed to really give stocks momentum.

“We would need to see a change in the fundamentals to really think this rally is going to continue,” she said.

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She warned that gains in stocks are likely to remain limited until the Federal Reserve fully turns around and re-stimulates the US economy.

“It is unlikely that we can return to pre-pandemic multiples without the Fed’s help,” she said.

If stocks are able to rally and break the 65-day high, that would also likely reduce the likelihood of the S&P 500 retesting the October lows, Dawson said.

– Carmen Rajnik

Stock futures open little changed

Nasdaq, chip stocks led the way on Monday

Stocks enjoyed a big rally on Monday. Here’s a look at some of the key numbers from the trading session.

  • The Dow gained 254 points, or 0.76%, to close at 33,629.56.
  • The S&P 500 gained 47 points, or 1.19%, to close at 4,019.81.
  • The Nasdaq Composite gained 224 points, or 2.01%, to close at 11,364.41.
  • Nvidia had the biggest impact on the Nasdaq, adding 36 points.
  • VanEck Semiconductor ETF (SMH) rose 4.72% for its best day since November 30.

— Jesse Pound, Christopher Hayes


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