Nasdaq, S&P 500 gain with U.S. politics in focus
U.S. equity indexes green
Tech leads S&P 500 sector gainers; Energy weakest group
Euro STOXX 600 index up ~1%
Dollar edges up; bitcoin ~flat; gold, crude dip
U.S. 10-Year Treasury yield edges down to ~4.22%
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
NASDAQ, S&P 500 GAIN WITH U.S. POLITICS IN FOCUS
On Wall Street, the Nasdaq composite .IXIC is up more than 1% and the S&P 500 .SPX is also gaining early on Monday after a shake-up of the U.S. Presidential race and ahead of a week with big corporate earnings reports and key inflation readings.
U.S. Vice President Kamala Harris was moving swiftly on Monday to try to lock up the Democratic presidential nomination, the day after President Joe Biden, 81, abandoned his reelection bid in the face of growing opposition by his own party.
While investors are still digesting the news on Monday morning, the initial market reaction on Sunday was a slight gain in S&P 500 e-mini futures.
But along with awaiting confirmation of the team that will compete against Republican candidate Donald Trump for the White House, there's plenty more to keep investors alert this week.
While political drama dominated front pages on Monday, it was clear investors still hadn't forgotten Friday's big news - a multi-industry global tech outage stemming from a software update from cybersecurity co CrowdStrike CRWD.O.
CRWD shares fell ~12%, as analysts cut ratings and price targets as they focused on the outage's financial fallout.
Some companies are still struggling to recover from the outage with Delta Air Lines DAL.N canceling more than 600 flights on Monday, sending its shares down more than 3%.
While the first major earnings of the week - from Verizon Communications VZ.N - brought some disappointment, investors will look for reassurance from reports from high profile companies such as Google parent Alphabet GOOGL.O, Tesla Motors TSLA.O and IBM IBM.N later in the week. Verizon VZ.N shares are off more than 6% on Monday.
On the data front, investors will have to wait until Friday for June's readings on PCE (Personal Consumption Expenditures), which the U.S. Federal Reserve watches closely.
Among the S&P 500's 11 major industry sectors, the weakest is energy .SPNY. Tech .SPLRCT is the biggest gainer with chip sub-sector stocks such as KLA Corp KLAC.O and Lam Research LRCX.O rallying most. The biggest decliner in the sector is CrowdStrike.
Here is your snapshot from 1030 a.m ET (1430 GMT):
(Sinéad Carew)
*****
FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
NASDAQ COMPOSITE: INTERNAL MEASURE HITS HURDLE, NOW WHAT? - CLICK HERE
SMALL CAPS COULD KEEP GOING - CLICK HERE
ARE THE DAYS NUMBERED FOR JULY'S ROTATION TRADE? - CLICK HERE
WHY A SOFT DOLLAR POLICY IS DIFFICULT - DEUTSCHE BANK - CLICK HERE
STOXX AT THE OPEN: AIRLINES GROUNDED, TECH UP - CLICK HERE
EUROPEAN STOCK FUTURES RISE, SHAKE OFF BIDEN - CLICK HERE
WALL STREET IN MEASURED MOOD AS BIDEN BOWS OUT - CLICK HERE
Wall Street indexes rise https://tmsnrt.rs/4d949L0
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
