* S&P tech sector set to snap 10-day losing streak
* 1st-qtr S&P 500 profits estimated to have risen 10.4 pct
* Amazon up after Credit Suisse raises price target
* Indexes up: Dow 0.55 pct, S&P 0.53 pct, Nasdaq 0.56 pct
(Updates to early afternoon)
By Yashaswini Swamynathan
April 17 U.S. stocks were on track to snap a
three-day losing streak on Monday as investors turned their
attention to the first-quarter earnings season, while
geopolitical concerns took a back seat.
The latest earnings season is expected to show whether
companies can live up to their lofty valuations, especially
after a post-election rally.
Profits of S&P 500 companies are estimated to have risen
10.4 percent in the latest quarter, the first double-digit
percentage growth since the third quarter of 2014, according to
Thomson Reuters I/B/E/S.
The influence of geopolitical risks, which had dominated
market sentiment last week, seemed to be waning. President
Donald Trump's national security adviser, H.R. McMaster, said on
Sunday the United States, its allies and China were working on a
range of responses to North Korea's latest failed ballistic
However, McMaster indicated that Trump was not considering
military action for now.
"We got in and out of the long weekend without any major
news or controversy on the geopolitical front," said Art Hogan,
chief market strategist at Wunderlich Equity Capital Markets in
"The anticipation of better earnings from the first quarter
may shift the momentum in the favor of this market at least in
At 12:47 p.m. ET (1647 GMT), the Dow Jones Industrial
Average was up 112.67 points, or 0.55 percent, at
20,565.92, the S&P 500 was up 12.33 points, or 0.53
percent, at 2,341.28 and the Nasdaq Composite was up
32.46 points, or 0.56 percent, at 5,837.61.
All of the 11 major S&P 500 sectors were higher, led by
technology, which was up for the first time in 11
Among stocks, Amazon.com was up 1.3 percent at
$896.79 after Credit Suisse raised its price target to $1050
from $900. The online retailer's shares also provided the
biggest boost to the S&P and the Nasdaq.
Credit Suisse also raised its price target on Boeing,
sending the aircraft maker's shares up 1.4 percent.
Netflix, which is scheduled to report results after
the bell on Monday, was up 2.7 percent at $146.75.
Arconic was the biggest percentage gainer on the
S&P after Chief Executive Klaus Kleinfeld resigned amid pressure
from activist hedge fund Elliott Management.
Advancing issues outnumbered decliners on the NYSE by 1,996
to 881. On the Nasdaq, 1,816 issues rose and 960 fell.
The S&P 500 index showed seven 52-week highs and no lows,
while the Nasdaq recorded 22 highs and 38 lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by