Stocks rebounded on Monday as Wall Street came off a seven-week losing streak as market participants digested trade-related comments from the White House. The Dow Jones Industrial Average rose over 600 points, while the S&P 500 Index and Nasdaq Composite climbed 1.8% and 1.6%, respectively.
Monday's rally followed remarks from President Joe Biden during a news conference with Japanese Prime Minister Fumio Kishida on Monday, saying the U.S. may ease some tariffs on Chinese goods that were imposed by the Trump administration. The possibility of lifting these tariffs helped relieved some concerns among investors over rising inflation and more aggressive moves from the Federal Reserve.
Here's how the market settled on Monday:
S&P 500 Index (NYSE: SPY): +1.86% or +72.49 points to 3,973.85
Dow Jones Industrial Average (NYSE: DIA): +1.98% or +618.74 points to 31,880.64
Nasdaq Composite Index (NASDAQ: QQQ): +1.59% or +180.66 points to 11,535.27
Starbucks to exit market in Russia:
Starbucks (NASDAQ: SBUX) announced Monday it will completely exit the market in Russia after 15 years, following similar moves from companies including McDonald's (NYSE: MCD), ExxonMobil (NYSE: XOM) and British American Tobacco (NYSE: BTI).
The company said it will no longer have a brand presence in Russia. Starbucks has 130 locations in the country; Russia accounts for less than 1% of the company's annual revenue, CNBC reports. The company had previously suspended all business activity in Russia, including the shipment of all Starbucks products to the nation.
The company said it will pay its nearly 2,000 Russian employees for six months and help them transition to new positions outside of Starbucks moving forward.
JPMorgan to potentially reach key performance target, reverses guidance:
JPMorgan Chase (NYSE: JPM) shares rose over 6% on Monday after the company reversed previous guidance it gave in January, now saying the bank could reach a key performance target this year.
In a presentation during the company's 2022 Investor Day, JPMorgan said that a 17% return on tangible common equity "remains our target and may be achieved in 2022." The new guidance is a change from forecasts earlier this year that multiple headwinds, including rising costs, would keep the bank from that target for the next one to two years.
Here's how benchmarks started trading after market open:
S&P 500 Index (NYSE: SPY): +0.83% or +32.49 points to 3,933.85
Dow Jones Industrial Average (NYSE: DIA): -0.00% or -1.04 points to 31,261.90
Nasdaq Composite Index (NASDAQ: QQQ): +0.43% or +48.89 points to 11,403.51