S&P 500 rises as Apple, Meta gain ahead of earnings

The S&P 500 rose on Monday as traders monitored political developments and braced for a big week of key earnings reports as well as the latest Federal Reserve interest rate decision.

The broad market index advanced 0.5%. The Dow Jones Industrial Average climbed 122 points, or 0.3%. The Nasdaq Composite climbed 0.6%, supported by about a nearly 3% jump in Apple and about a 2% gain in Meta Platforms ahead of their earnings reports later in the week.

President Donald Trump over the weekend threatened to slap a 100% tariff on goods coming into the U.S. from Canada if the country makes a trade deal with China. Canadian Prime Minister Mark Carney said in response that Ottawa has “no intention” of pursuing a free trade deal with Beijing.

“The situation remains very fluid. No one seems particularly worried about Trump’s 100% Canadian tariff threat coming to fruition (especially since Canadian officials, including Carney, insist the country isn’t negotiating a free trade deal with China), but the constant wielding of import taxes as a cudgel to pressure allies is still slowly eroding sentiment,” said Adam Crisafulli of Vital Knowledge.

Investors were keeping an eye on Washington, as growing outrage over federal immigration agents fatally shooting a U.S. citizen in Minnesota for the second time this month generated concerns of a potential U.S. government shutdown. Several Democratic senators said they would not approve a $1.2 trillion funding package if it includes an allotment for Homeland Security. One person familiar with Senate GOP leadership said funding for DHS would not be removed, however.