Stocks rise to start busy week | March 6, 2023

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U.S. stocks edged higher Monday morning, kicking off the start of a busy week.

The S&P 500 (^GSPC) edged higher 0.2%, while the Dow Jones Industrial Average (^DJI) ticked up near the flatline. The technology-heavy Nasdaq Composite (^IXIC) was up 0.4%.

The yield on the benchmark 10-year U.S. Treasury note ticked down to 3.93% Monday morning. Crude oil slipped, with U.S. benchmark WTI down at $78.96 a barrel. The dollar index moved lower trading at $104.40.

U.S. stocks gained on Friday to close out a volatile week, while bond yields pulled back from their recent highs. The three major indexes rose for the week, with the Dow Jones adding 1.7%, the S&P 500 closing 1.9% higher, and the Nasdaq gaining 2.6%. The yield on the benchmark 10-year Treasury settled back below the key 4% level, and the two-year yield fell to 4.86%. Economic data released on Friday showed the services sector grew in February.

This week, Wall Street will be paying close attention to the jobs report out Friday. The February jobs report is expected to show 215,000 new jobs have been added to the economy, according to economist estimates, a slower pace from January’s blowout number of 517,000 job additions.

The unemployment rate is expected to hold steady at 3.4%. Another key point from the report will be wage growth, with a 0.3% month-to-month bump in average hourly earnings anticipated and 4.7% over the last year.

Economists at Bank of America, led by Michael Gapen, believe a deceleration from January will be tied largely to weather shifts and a general mean-reverting nature of payrolls. "Typically, when payroll growth records a sizable increase or decrease, we see a reversal in the following month," the firm noted.

Also, investors will be keeping an eye on Federal Reserve Chair Jerome Powell's two-day biannual monetary policy testimony on Capitol Hill, which begins Tuesday.

Other highlights this week include ADP’s monthly read on private payroll growth, January’s report on job openings from the Bureau of Labor Statistics, and the Fed’s Beige Book.

In single stock moves, Apple (AAPL) shares gained 2% on Monday as Goldman Sachs analyst Michael Ng initiated coverage of Apple with a buy rating and a price target of $199. Ng noted Apple's success in hardware design and brand loyalty has led to a growing installed base of users that provide visibility into revenue growth. And Apple's valuation is attractive relative to its historical multiple and to peers.

Ciena (CIEN) shares jumped 6% Monday morning after the company posted better than expected results that topped analysts expectations amid strong demand in its networking platforms business.

On the earnings front, Dick's Sporting Goods (DKS), Oracle (ORCL) and BJ's Wholesale (BJ) are set to report results this week.

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