US open: Stocks trade higher as investors digest more Q3 earnings

dl exchange place wall st street pl new york city nyc ny nyse stock exchange dow jones sp nasdaq finance dollar dollars us usa united states of america — Exchange PlaceSharecast photo / Josh White

Wall Street stocks were in the green early on Monday as market participants digested more Q3 earnings reports from major banks.

As of 1510 BST, the Dow Jones Industrial Average was up 1.69% at 30,135.84, while the S&P 500 advanced 2.47% to 3,671.51 and the Nasdaq Composite came out the gate 3.11% stronger at 10,642.53.

The Dow opened 501.01 points higher on Monday, reclaiming some of the previous session's heavy losses.

Earnings were again the primary focus of investors on Monday, with banking giant Bank of America posting a drop in year-on-year profits despite witnessing better-than-expected fixed-income trading and improved interest income in Q3, while Bank of New York Mellon shares rose in early trading after reporting that Q3 revenues had risen from $4.25bn to $4.26bn, while earnings per share came to $1.21, up from $1.09 a year earlier and ahead of consensus estimates of $1.08 per share.

Still to come this week, Goldman Sachs, Netflix, Tesla, IBM, Johnson & Johnson, United Airlines, AT&T, Verizon and Procter & Gamble will all report over the next five days.

In other corporate news, Credit Suisse has agreed to pay nearly $500.0m over claims it misled investors about mortgage-linked investments in the US. The Swiss lender said on Monday that it had agreed to make a one-time payment of $495.0m after it reached the final settlement with the New Jersey attorney general.

On the macro front, manufacturing activity in the New York area contracted in October for the third month in a row, according to a survey released on Monday. The New York Fed’s Empire State general business conditions index fell eight points from September to -9.1.

Elsewhere, the Federal Government's September budget statement will follow at 1900 BST.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Microsoft Corp. (MSFT) $238.66 4.42%
Salesforce.Com Inc. (CRM) $147.75 3.89%
JP Morgan Chase & Co. (JPM) $115.00 3.43%
American Express Co. (AXP) $141.20 3.21%
Visa Inc. (V) $188.35 3.14%
Walt Disney Co. (DIS) $97.41 3.13%
Cisco Systems Inc. (CSCO) $41.44 3.10%
Apple Inc. (AAPL) $142.48 2.96%
Intel Corp. (INTC) $26.58 2.59%
Caterpillar Inc. (CAT) $182.62 2.49%