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%
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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)
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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
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