Par medha singh et shashank nayar
(Reuters) – Major Wall Street indices rose on Monday, with the Nasdaq up around 1% as investors flock to lagging tech stocks, while bracing for major inflation readings later this week.
Risk sentiment also improved with cryptocurrencies gaining ground after a weekend selling period fueled by new signs of a growing Chinese crackdown on the emerging sector.
Crypto-exchange operator Coinbase Global and Riot Blockchain miners (NASDAQ 🙂 and Marathon Digital Holdings gained between 1% and 3.8%.
Technology added 1.4%, leading sector gains, with Apple Inc (NASDAQ :), Microsoft Corp (NASDAQ 🙂 and Nvidia (NASDAQ 🙂 providing the biggest boost to the benchmark. Technology is among the worst performing S&P sectors this month.
Stock markets have been rocked in recent weeks as investors juggle strong economic data and fears that supply-side constraints will cause a prolonged period of price hikes and force the Federal Reserve to reduce support in crisis period.
“We’re looking at a good, positive start to the week as stock valuations have returned to a reasonable level and are easily justified, helping to eliminate a good chunk of speculative trading,” said Art Hogan, chief market strategist at National Securities in New York.
“We went through a period of time where we were strapped for technology and focused on value stocks, when right now we’re seeing a lot of those deals coming back into tech. “
After falling 4.3% from its record on May 7, the S&P 500 is only 1.3% from that level as investors picked up tech stocks that were hit the hardest by fears of rate hikes.
Thursday’s US personal consumption data, the Fed’s preferred measure of inflation, will be the centerpiece of the week. At 9:58 a.m. ET, the score was 165.59 points, or 0.48%, at 34,373.43 and the S&P 500 was 31.85 points, or 0.77%, at 4,187.71. The was up 148.75 points, or 1.10%, to 13,619.74.
Cabot Oil & Gas Corp (NYSE 🙂 and Cimarex Energy Co (NYSE 🙂 has agreed to merge to form a US oil and gas producer with an enterprise value of around $ 17 billion, the latest deal in an industry rebounding after one of its worst downturns.
Shares of Cabot (NYSE 🙂 and Cimarex fell 7.3% and 8%, while the broad energy index was largely flat.
Supplier of building materials Martin Marietta Materials Inc (NYSE 🙂 announced it would buy the assets of HeidelbergCement (DE 🙂 AG in California and Arizona for $ 2.3 billion. Martin Marietta’s shares rose 1.3%.
Rising issues outnumbered declines by a 2.82 to 1 ratio on the NYSE and a 1.71 to 1 ratio on the Nasdaq.
The S&P Index recorded 17 new 52-week highs and no new lows, while the Nasdaq recorded 57 new highs and 15 new lows.
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