June 23, 2024


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Technology and huge growth stocks boost Wall Street;  Twitter height

Technology and huge growth stocks boost Wall Street; Twitter height

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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  • Twitter soared after Elon Musk revealed his 9.2% stake
  • Starbucks declines amid plan to halt share buybacks
  • Defensive sectors are weak and facilities are the most declining
  • Indexes up: Dow 0.3%, Standard & Poor’s 0.81%, Nasdaq 1.9%

(Reuters) – Wall Street’s main indexes rose on Monday, boosted by tech giants, growth stocks and the rise of Twitter after Elon Musk disclosed his stake in the company amid warning signs in the bond market and talk of more sanctions against Russia. over Ukraine.

Gains were relatively concentrated, such as the financial sector (.SPSY) Fell, as did defensive groups like escorts (.SPLRCU) and health care (.SPXHC).

Twitter shares rose 27.1% 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 5.6% after the company on Saturday reported record first-quarter electric vehicle deliveries. 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 Index rose 103.61 points, or 0.3 percent, to 34,921.88 (.SPX) It rose 36.78 points, or 0.81%, to 4582.64, and the Nasdaq Composite (nineteenth) It added 271.05 points, or 1.9%, at 14532.55.

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Besides Tesla, gains in Apple (AAPL.O)Amazon.com Inc (AMZN.O) and Microsoft Corporation (MSFT.O) It gave reinforcements to the S&P 500 index.

However, seven of the 11 sectors of the S&P 500 were weaker, with both utilities and healthcare down about 0.8%.

S&P 500 Growth Index (.IGX) Gained 1.7% while the S&P 500 rose (.IVX) It decreased 0.1%.

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.

“It all talks about an inverted yield curve and what that might predict in terms of a potential economic slowdown, which puts a premium on growth stocks again,” said Chuck Carlson, CEO of Horizon Investment Services in Hammond, Indiana.

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) Shares fell 3.7 percent after former CEO Howard Schultz announced the suspension of the company’s share buyback program. Read more

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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

Advance issues outnumbered losers on the New York Stock Exchange by 1.32 to 1; On Nasdaq, the ratio was 1.74 to 1 in favor of advanced traders.

S&P 500 hits new 52-week high and three new lows; The Nasdaq recorded 51 new highs and 59 new lows.

About 11 billion shares were traded on US stock exchanges, compared to the daily average of 13.5 billion shares over the last 20 sessions.

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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.