U.S. Stocks Close Higher On Bargain Hunting; Nasdaq Outperforms

RTTNews | 746天前

(RTTNews) - After turning in a mixed performance on Friday, U.S. stocks climbed higher on Monday, riding on the strength of technology shares.

Bargain hunting contributed a bit to market's uptick today. Activity in the market was somewhat subdued due to a lack of major U.S. economic data.

Reports on import and export prices, retail sales, industrial production and housing starts are likely to attract attention along with the minutes of the latest Federal Reserve meeting.

Among the major averages, the Dow edged up marginally after spending much of the day's session in negative territory. The S&P 500 and the Nasdaq closed on a firm note.

The Dow, which dropped to 35,169.97 in early trades, ended the session with a gain of 26.23 points or 0.07 percent at 35,307.63. The S&P 500 settled up 25.67 points or 0.58 percent at 4,489.72, near the day's high, while the Nasdaq closed with a gain of 143.48 points or 1.05 percent at 13,788.33.

Technology stocks gained following a rating upgrade of Nvidia by Morgan Stanley. Nvidia shares climbed more than 6 percent.

Intel gained about 2.6 percent. Salesforce.com, Merck and Visa ended higher by 1 to 1.7 percent. Apple, Microsoft, American Express, Meta Platforms, Alphabet and United Health also closed higher.

Shares of United States Steel Corporation skyrocketed 30 percent after the company rejected a buyout from Cleveland-Cliffs Inc.

Tesla shares ended weak after the company announced a cut in prices in China for the Model Y. 3M, Goldman Sachs, Walgreens Boots Alliance, P&G, Walmart, Nike and IBM ended weak.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday. Japan's Nikkei 225 Index tumbled by 1.3 percent, while Hong Kong's Hang Seng Index dove by 1.6 percent.

Meanwhile, the major European markets closed mixed today. While the U.K.'s FTSE 100 Index ended down by 0.23 percent, the French CAC 40 Index edged up 0.12 percent, while the U.K.'s FTSE 100 ended down by 0.23 percent.

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

RTTNews | 2小时7分钟前

Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

RTTNews | 2小时25分钟前

U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

RTTNews | 3小时9分钟前

German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1

RTTNews | 3小时38分钟前