Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 4, 2022. REUTERS/Brendan McDermid
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(Reuters) – Wall Street’s main indexes rose on Monday, boosted by tech giants, growth stocks and the rise of Twitter after Elon Musk disclosed a stake in the company, despite warning signs in the bond market and talk of more sanctions against Russia. over Ukraine.
Cyclical and defensive sectors, such as finance (.SPSY) and facilities (.SPLRCU)was in negative territory.
Twitter stock jumped 29% after Tesla (TSLA.O)CEO Musk revealed a 9.2% stake in the microblogging site, making him its largest shareholder. Shares of other social media companies also rose. Read more
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Tesla shares rose 5.7 percent after the company announced on Saturday record deliveries of electric vehicles in the first quarter. Read more
“A lot of the news we’re seeing today is generally positive for technology,” said Mona Mahajan, chief investment analyst at Edward Jones.
Dow Jones Industrial Average (.DJI) The Standard & Poor’s 500 Index rose 24.61 points, or 0.07%, to 3,4842.88 points (.SPX) Gain 25 points or 0.55% to 4570.86 and the Nasdaq Composite (nineteenth) It added 227.46 points, or 1.59%, to 14,488.96 points.
Besides Tesla, gains in Apple(AAPL.O)Amazon.com Inc(AMZN.O) and Microsoft Corporation (MSFT.O) It gave big boosts to the S&P 500 index.
However, eight of the 11 S&P 500 sectors were weaker, with utilities down 1% and real estate down 0.6%.
S&P 500 Growth Index (.IGX) Gained 1.4% while the S&P 500 rose (.IVX) It decreased by 0.3%.
“The pressures on economic growth are increasing and this is not necessarily great for some cyclical parts of the market, so maybe that is why we are seeing the value/growth rotation today,” Mahajan said.
In the bond market, the US 10-year Treasury yield rose on Monday and the 2-year/10-year yield curve remained inverted. The inversion of the curve is seen as a harbinger of a recession in the next two years or so.
Stocks have rebounded in recent weeks after a rough start to the year amid concerns the Federal Reserve will tighten monetary policy to combat inflation and the war in Ukraine. The S&P 500 is down about 4% so far in 2022, after dropping as much as 12.5%.
Investors remained concerned about the Ukraine crisis, which has driven up commodity prices and exacerbated expectations of already high inflation.
Global outrage spread on Monday after civilians were killed in northern Ukraine, as a mass grave and bullet-ridden bodies were found at close range in a town wrested from Russian forces. The deaths are likely to prompt the United States and Europe to impose additional sanctions on Moscow. Read more
In company news, Starbucks Corp. (SBUX.O) It fell 4.5% after former CEO Howard Schultz announced the suspension of the company’s share buyback program. Read more
Shares of Chinese companies listed in the United States such as Alibaba jumped after China proposed to review confidentiality rules related to overseas listings. Read more
Declining issues outnumbered advancers on the New York Stock Exchange by 1.01 to 1; On the Nasdaq, the ratio was 1.65 to 1 in favor of advanced traders.
The S&P 500 posted 10 new highs in 52 weeks and three new lows; The Nasdaq recorded 45 new highs and 53 new lows.
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Additional reporting by Louis Krauskopf in New York, Bansari Mayor Kamdar and Praveen Paramasivam in Bengaluru; Editing by Shunak Dasgupta and Richard Chang
Our criteria: Thomson Reuters Trust Principles.
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