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On Wall Street, the benchmark S&P 500 closed 1.2 percent higher, while the tech-heavy Nasdaq Composite added 0.9 percent © Brendan McDermid / Reuters

US stocks rose on Monday as investors braced for a busy week of earnings for blue-chip tech groups, whose results will be used as a gauge for the health of the economy. consumption.

On Wall Street, the benchmark S&P 500 index closed 1.2 percent higher, while the tech-heavy Nasdaq Composite added 0.9 percent, continuing its rally from last week, on news that the Federal Reserve may soon slow down the speed of interest rate grow.

That positive sentiment will be tested this week when investors examine earnings from Meta, Amazon, Microsoft and Alphabet, which will provide guidance on the strength of US consumers in a year that spends Online spending and digital advertising revenue have decelerated in the face of rising inflation.

Apple, on Monday price increase on its music and TV services, will also report earnings this week. Its shares were up 1.5% on Monday.

Meanwhile, investors worldwide have cast skeptical judgment on Xi Jinping’s third term, selling stakes in Chinese companies after the country’s leader wrapped up a congress. The Communist Party signaled a shift in focus from economics to security.

The sell-off began Monday morning in Asia, where Hong Kong’s Hang Seng Tech index fell 9.7%, a one-day move that matched its biggest-ever drop.

Wall Street also followed, with Nasdaq’s Golden Dragon index, which tracks US-listed shares of Chinese companies, dropping a record 14.4% on Monday as Alibaba, JD.com and Pinduoduo sold off. strong. The index is down about 50% this year.

Read more about intraday markets move

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