Dow rises nearly 200 points, extends rally to 11 days for longest winning streak in six years: Live updates

The Dow Jones Industrial Average extended its latest rally to an 11th straight day on Monday, only the sixth time since 1945 that the benchmark has advanced for 11 or more consecutive days, according to a tweet from a Bespoke Investment Group, led by co-founder Paul Hickey.

Bespoke noted that, based on the numbers and the fact that World War II ended 78 years ago, an 11-day surge in the Dow occurs on average less than once every decade.

— Scott Schnipper

Stocks closed higher Monday.

The Dow Jones Industrial Average gained 183.55 points, or 0.52%, to 35,411.24 — posting an 11th straight day of gains. The S&P 500 rose 0.40% to 4,554.64. The Nasdaq Composite added 0.19% to 14,058.87.

— Sarah Min

The Dow's recent hot streak is helping to broaden out the market rally, and the small cap Russell 2000 could be due for its own bounce, according to Canaccord Genuity.

Strategist Tony Dwyer said in a note to clients that the Russell 2000 is appears to be bottoming out relative to the S&P 500 and could soon start to gain ground.

"It is good to see the improvement in the broad market since early June, and given the historic market weighting of the top 10 SPX stocks ... and bottoming in the relative charts, we would favor the Russell 2000 over the S&P 500 ... for the foreseeable future," Dwyer wrote.

— Jesse Pound

The Dow Jones Industrial Average was higher by about 200 points shortly into the final hour of trading.

The 30-stock Dow gained 202 points, or 0.58%. The S&P 500 rose 0.46%, and the Nasdaq Composite added 0.23%.

— Sarah Min

With large-cap technology names trading at high forward price-to-earnings ratio, Katie Stockton, founder and managing partner of Fairlead Strategies, says the buy story has become slightly less compelling for these shares.

"There are very redeeming qualities, and yet short term momentum has certainly fallen off a little bit. And that's something that we have an eye on from a technical perspective," Stockton told CNBC's "The Exchange" on Monday.

"It's not at the point where we're seeing decisive sell signals, but we're at the point where we are shying away from adding new exposure at current levels. So we're kind of at a medium-level hold here; not a weak hold [nor] a strong pull for that level," Stockton said.

She added that she is also holding back on adding exposure to the Invesco QQQ Trust Series fund.

"With that in mind, we usually like to see a reward to risk of better than two-to-one, [which] we don't have at this time. And that goes for not only QQQ, but areas like the semiconductor sector," said Stockton.

— Hakyung Kim

As investors become more confident in the market rally, retail traders are starting to jump back into the types of stocks that were popular during the meme stock craze of 2021.

One way to track the meme trade — the Roundhill Meme ETF (MEME) — is up nearly 60% year to date.

Some of the holdings in that ETF are also well-liked by Wall Street analysts. Read more about those stocks on CNBC Pro.

—Jesse Pound

Shares of American Express declined 1.2% after Piper Sandler downgraded shares to underweight from a neutral rating, citing slowing growth concerns and margin headwinds that should weigh on 2024 earnings.

"We have become increasingly concerned AXP will have difficulty hitting its targeted 10%+ revenue growth and ~15% EPS growth with network volume experiencing a sizable slowdown," wrote analyst Kevin Barker. "In addition, our recent work on the re-start of federal student debt payments (note here) indicates the 25-34 years old age cohort will be the most impacted and likely will see slower spending combined higher default rates."

Given this outlook, Barker trimmed the firm's price target to $149 from $172 a share, reflecting more than 12% downside from Friday's close.

Despite its loyal customer base, Barker views expectations as too high for American Express to achieve, and forecasts the company will trade within its pre-pandemic price-to-earnings range.

— Samantha Subin

UBS says Savers Value Village's risk-reward story is "a thread above."

Analyst Michael Lasser initiated a buy rating on shares in a Monday note, calling the retailer a "compelling, less volatile way to access the apparel and home categories."

"We argue that SVV's hyper-local sourcing model and focus on secondhand merchandise insulates it from the cyclicality that others face," Lasser said.

The stock made its publicly-traded debut on June 29. Shares jumped more than 2% Monday afternoon.

— Hakyung Kim

A successful opening weekend for Warner Bros.' "Barbie" and Universal's "Oppenheimer" can indicate good news ahead for a group of stocks that spans beyond the traditional media giants.

From retailers to entertainment technology stocks, analysts say that multiple publicly traded companies can benefit from a strong showing for the two films, whose shared opening weekend has garnered the phrase "Barbenheimer" and ignited a social media flurry.

CNBC Pro subscribers can see some of those names here.

— Alex Harring

One of the busiest week of the second-quarter earnings season kicks off this week with 30% of the S&P 500 reporting results. This includes earnings from technology giants including Microsoft, Meta Platforms and Alphabet.

So far this season, 18% of companies in the broad-based index have reported results, with 60% topping sales expectations, according to FactSet. About 76% of companies have topped earnings per share expectations.

Across the board, analysts are bracing for a more than 9% decline in year-over-year earnings based on the blended growth rate.

— Samantha Subin

These are the stocks making the biggest moves in midday trading.

• AMC Entertainment — Shares of the movie theater chain surged 30%. On Friday, a judge blocked a proposed settlement on the company's stock conversion plan, which would have allowed the company to issue more shares to allow it to pay down some of its debt. Separately, AMC said it saw its biggest attendance and admissions revenue in a single weekend since 2019, nodding to the hype around the "Barbenheimer" phenomenon.
• IMAX — The entertainment technology company jumped about 6% as Universal's "Oppenheimer" drove moviegoers to IMAX screens. B. Riley analyst Eric Wold said the over-indexing of IMAX screens in movie theatres coming out of the pandemic reflects improving consumer demand toward the format.
• Sirius XM — Shares of the audio entertainment company slid 14% after Deutsche Bank downgraded the stock to sell from neutral, citing its valuation after the share price doubled over the past month. The firm said the move was driven by technical factors, specifically high short interest, as well as buying from investors ahead of the Nasdaq rebalance.
• Becton Dickinson — The medical technology company saw shares jump more than 6% after Raymond James upgraded Becton Dickinson to outperform. The company received clearance from the U.S. Food and Drug Administration for its updated BD Alaris infusion system, which helps monitor patients' vital signs and deliver medications, blood and other fluids.

For more big movers check out our full list here.

— Tanaya Macheel

The transportation stock slipped about 0.3% in midday trading after FedEx pilots said Monday it rejected a tentative contract agreement with the company in a vote of 57% to 43%.

"Our members have spoken and we will now regroup and prepare for the next steps," said Capt. Chris Norman, FedEx ALPA chair in a statement. The Air Line Pilots Association is an airline pilot union.

Meanwhile, shares of United Parcel Service were higher by 0.7%.

— Sarah Min

Even with the Dow Jones Industrial Average coming off a 10-day advance, stocks could continue to rise for now, one investor says.

"Absent an event that might change the view, I think the bias is higher for now," said Ross Mayfield, investment strategy analyst at Baird. "At some point, the market looks a little overbought and sentiment looks a little aggressive. But in the meantime, actually, I think the bias is still higher."

— Sarah Min

Mizuho upped its price target on shares of Nvidia to $530 from $400, citing ongoing artificial intelligence tailwinds at least through 2027.

Analyst Vijay Rakesh wrote that he sees "AI server unit penetration reaching ~11% by C27E, and NVDA, with conservative ~75% share (vs. 90%+ today), potentially driving ~$300B in AI-specific revenue."

The revised price target implies about 20% upside from Friday's close. Shares have more than tripled year to date. Nvidia shares were last more than 1% higher during Monday trading.

"We believe NVDA currently dominates the AI server market, and while we could see some additional incumbents enter the market within the coming years, we expect it to maintain its significant market share," Rakesh wrote.

— Samantha Subin

Investors should take heed of commodities prices as they could act as "bull market kryptonite," according to Raymond James.

"The rally in equities globally since October has been built partially on the continued decline in commodity pricing, which has helped U.S. and European consumers, lowered the inflation outlook/rates, and generally helped build a narrative of "soft landing" around capital markets," Tavis C. McCourt wrote to clients in a Sunday note.

"However, since late May, the Bloomberg commodity index has been moving up (~10%), and though still down on the year, it's worth paying attention to, because continued commodity inflation has the chance of transitioning the dominant narrative from 'soft landing' back to 'stagflation', essentially returning to summer/fall 2022 narratives."

— Sarah Min

As of 10:59 a.m. ET, only one sector in the S&P 500 was trading in negative territory — utilities. The sector was last down about 0.3%.

AES shares were down more than 2%. Ameren and Atmos Energy were off by about 1%, each.

— Sarah Min

Energy was the leading advancer in the S&P 500, with the sector up more than 1.6%, after oil and gasoline futures touched a three-month high Monday. Tighter supply, as well as hopes for China stimulus that could boost demand, drove oil prices higher.

Halliburton advanced more than 3%. Shares of Chevron and Hess were up by more than 2%, each.

— Sarah Min

Some on Wall Street raised expectations for where Apple shares could go in the next year in the run-up to the company's earnings report next week.

"While we believe some of these upside potentials are already priced in, we note that the multiple expansion seen by AAPL in the past 3 months is consistent with other Big Tech names," Deutsche Bank analyst Sidney Ho said in a note to clients Sunday. "Despite higher valuation, we continue to view AAPL favorably given its hiqh quality of earnings."

Shares were higher by about 0.8% in Monday trading.

CNBC Pro subscribers can read the full story.

— Alex Harring

Manufacturing activity picked up in July but remained in contraction, according to an S&P Global Flash PMI reading released Monday.

The purchase managers index for manufacturing registered a reading of 49, representing the percentage of businesses reporting expansion. That was better than the 46.3 in June but still below the 50 level that is the dividing line between expansion and contraction.

Conversely, the services PMI was at 52.4, which is expansionary but was less than the 54.4 June reading and the lowest level in five months.

—Jeff Cox

Federal Reserve officials are likely going to need more evidence before declaring victory on inflation, according to a Wall Street Journal report.

Citing economists and Fed officials, the Journal noted that the decline in the inflation rate could be temporary, mirroring concerns policymakers had when inflation was rising and also appeared to be temporary.

The uncertainty about inflation has spread to the White House, where one of its top economists, Jared Bernstein, told CNBC last week that, "Our work is not done."

Underscoring its commitment to bringing inflation down further, the Fed is expected to enact another quarter-point rate hike this week. Investors will be listening carefully to Chairman Jerome Powell for more clues as to where policy is heading.

—Jeff Cox

Netflix's advertising-enabled subscription tier and paid sharing crackdown are among justifications for why Baird believes shares could trade at $500 per share, a price not seen since early 2022.

"Our constructive stance is driven by increased confidence in the company's execution around new initiatives (advertising/paid sharing) and a strengthening financial profile that should further improve investor sentiment over time," senior analyst Vikram Kesavabhotla said in a note to clients Sunday.

CNBC Pro subscribers can click here to read more.

— Alex Harring

Stocks opened higher to start the week Monday.

The Dow Jones Industrial Average gained 0.16%. The S&P 500 and Nasdaq Composite rose 0.29% and 0.38%, respectively.

— Sarah Min

West Texas Intermediate oil may close above its 200-day moving average ($77.14) Monday for the first time since last August. Already, the September contract reached $77.85 a barrel Monday, the highest since April 26.

September Brent contracts, the global oil benchmark, hit $81.84 early Monday, the highest since April 25.

August RBOB gasoline contracts (the RBOB stands for Reformulated Gasoline Blendstock for Oxygenate Blending), which is the U.S. standard, climbed to $2.8403 a gallon Monday, the highest since April 14.

Meanwhile, the Energy Select Sector SPDR Fund is up 0.8% early Monday, adding to the 4% rally over the prior five trading days, led by Valero Energy, Devon Energy and Phillips 66 (PSX) all of which have risen almost 7% or more over the past week.

"Oil looks ready to breakout — WTI is pushing through the 200 day this morning (unfazed by the weak Europe data), and gasoline futures are quietly up some +25% since May," the Strategas technical and macro research team wrote Monday.

— Scott Schnipper, Gina Francolla

A recent rally in Tesla shares prices may price in the increase to demand for the electric vehicle maker's cars after prices were cut, according to UBS.

"We think the recent strong share performance fully reflects the strong demand response seen after the price cuts, as well as a solid execution in 2024," analyst Patrick Hummel said in a note to clients Monday. "We continue to see Tesla globally leading the race to affordable electric and autonomous mobility, but on a 1-year view, risk/reward looks balanced."

Tesla shares slid 1.5% in the premarket.

CNBC Pro subscribers can read more here.

— Alex Harring

These are some of the stocks making the biggest moves before the bell:

• AMC Entertainment — Shares popped 37% after a judge on Friday denied a proposed settlement related to AMC Entertainment's plan to convert preferred shares into common stock. The company said it has filed a revised stock plan. Preferred shares lost about 2% before the bell.
• Domino's Pizza — The stock added 1%. Domino's reported mixed quarterly results. The company reported earnings of $3.08 a share on $1.02 billion in revenue. Analysts surveyed by Refinitiv had looked for EPS of $3.05 on revenues of $1.07 billion.
• Tesla — The electric vehicle stock lost 1.6% after UBS downgraded shares to an underweight rating, saying that the recent uptick fully accounts for the demand boost prompted by recent price cuts.

— Samantha Subin

Shopify shares rose more than 2% in premarket trading on Monday after MoffettNathanson said the e-commerce stock could be close to a pivotal business moment.

"We expect Shopify to gain increasing traction with enterprise customers going forward," analyst Michael Morton said in a note to clients Monday. "Better yet, early signs suggest the transition to the enterprise is already underway."

CNBC Pro subscribers can read more here.

— Alex Harring

A stacked lineup of earnings and a Federal Reserve meeting could try the stock market rally this week, Oppenheimer says.

"This week will offer plenty of opportunity to test the stock market rally that began on October 12 last year and has carried forth from the beginning of this year through last Friday," Oppenheimer's John Stoltzfus wrote on Monday.

The Federal Reserve will announce its interest rate decision this week, and 165 S&P 500 companies are scheduled to report second-quarter results.

— Sarah Min

Business activity contracted in the euro zone in July, flash estimates from purchasing managers survey showed Monday.

The HCOB Flash Eurozone Composite PMI Output Index, which gauges activity in the manufacturing and services sector, fell to an eight-month low of 48.9 in July, down from 49.9 in June.

French and German PMI data also came in weaker than expected, slipping to 46.6 and 54.1, respectively.

— Karen Gilchrist

U.S. Treasury yields held steady on Monday, ahead of the Federal Reserve's meeting this week to discuss its monetary policy plans and announce its latest interest rate decision.

At 4:10 a.m. ET, the yield on the 10-year Treasury was down by around one basis points to 3.8291%. The 2-year Treasury was last trading at 4.8460% after dipping by less than one basis point.

— Sophie Kiderlin

International investment firms have changed their China GDP forecasts nearly every month so far this year, with JPMorgan making six adjustments since January.

The U.S. investment bank most recently cut its China GDP forecast in July to 5%, down from 5.5% previously. That came alongside cuts this month by Citi and Morgan Stanley to 5%.

Read the full story here.

— Evelyn Cheng

Business activity in Australia's private sector fell for the first time since March, mainly due to a contraction in services activity.

According to flash estimates from Juno Bank, the composite purchasing managers index fell to 48.3, down from 50.1 in June.

Services PMI went below the 50 no-change mark to 48, down from 50.1 in June. In contrast, manufacturing activity posted a softer contraction at 49.6 compared to the 48.2 seen in June.

A PMI above 50 represents an expansion in the sector, while a PMI reading under 50 represents a contraction.

— Lim Hui Jie

Japan's business activity expanded for the seventh straight month, according to flash estimates by the au Jibun bank.

The country's composite purchasing managers index stood at 52.1 for July, unchanged from the month before.

Services PMI slipped slightly to 53.9 from 54 in June, while manufacturing activity stayed in contraction territory, with the PMI falling to 49.4 from 49.8.

— Lim Hui Jie

Some Chinese stock sectors are seeing fundamentals shift in their favor.

Profits are moving to industrials, consumer discretionary and staples — and away from materials and energy, according to HSBC.

Investors may also get some answers about macro policy in coming days with a gathering of Chinese leaders, called the Politburo, due by the end of the month.

CNBC Pro subscribers can read more here.

— Evelyn Cheng

Shares of AMC Entertainment Holdings surged more than 60% after a judge on Friday blocked a proposed settlement on the company's stock conversion plan that would allow the company issue more shares.

AMC Entertainment Preferred shares were down 15%.

In February the movie theater chain was sued for allegedly rigging a shareholder vote that would allow it to convert preferred stock to common stock and issue millions of new shares. Doing so would have diluted the common stock shares but allowed AMC to pay down some of its more than $5 billion in debt.

Read the full story here.

— Tanaya Macheel

S&P 500 futures were flat to begin trading on Sunday evening.

Futures tied to the broad market index opened lower by 0.01%. Dow Jones Industrial Average futures ticked lower by 7 points. Nasdaq 100 futures rose 0.1%.

— Tanaya Macheel