US close: Markets higher after bumper sales weekend for retailers
Wall Street trading finished Monday in the green, as oil prices staged a timid bounce and stocks tried to recover from record-breaking losses over the Thanksgiving week.
Dow Jones I.A.
38,305.22
04:30 15/10/20
Nasdaq 100
17,755.24
08:20 26/04/24
The Dow Jones Industrial Average ended the session up 1.46% at 24,640.24, the S&P 500 added 1.55% to 2,673.45, and the Nasdaq 100 was up 2.31% at 6,678.34.
On the geopolitical front, market participants were keeping a keen eye on events surrounding this week's G20 meeting in Buenos Aires, where it's expected that Donald Trump and China's Xi Jinping will discuss trade.
"Expectations remain low about a solution in the short term with the prospect that tariffs could well increase at the beginning of next year from the current 10% to an increased rate of 25%," said CMC Markets analyst Michael Hewson.
"While deal expectations have been set to a low level, an agreement to not implement the proposed increased rate at the beginning of next year could be described as progress."
Investors were also watching developments across the pond Theresa May's Brexit plan being signed off at the EU summit on Sunday and as Italian PM Matteo Salvini signalled over the weekend that the country may lower its contentious borrowing target.
Energy-related shares were in focus as oil prices recovered after Friday's plunge and ahead of next week's OPEC meeting.
However, despite the gains, Oanda analyst Craig Erlam pointed out the performance paled in comparison to the losses seen last week.
"Trump has been publicly pressuring the group (OPEC) to let prices fall while praising Saudi Arabia for its role in the falls, something sceptics have tied to the President apparently turning a blind eye to the country’s role in the Khashoggi murder," said Erlam.
"There is perhaps a belief that the Saudis will avoid taking measures to significantly raise prices next week in a bid to appease Trump, although I remain sceptical this will happen."
Retailers were also in focus as data from Adobe Analytics showed that online sales hit a record $6.22bn on Black Friday, rising 24% from a year ago.
"If this pattern extends into today’s Cyber Monday then the US economy could well sustain its decent performance over the last two quarters right into the end of the year," said Hewson.
Amazon shares were up 5.28% after it revealed that customers were shopping at record levels, while Best Buy and Target were up 2.83% and 2.82%, respectively.
In terms of data, improvements in employment-related indicators saw the Chicago Fed National Activity Index rise to 0.24 in October from the 0.14 recorded in September, according to the Federal Reserve Bank of Chicago.
Meanwhile, the Dallas Fed revealed a slow in factory activity growth in Texas in November in its Manufacturing Outlook Survey, reporting that price and wage increases also eased during the month.
According to the index, general business activity was 17.6 for November, sliding from 29.4 in October.
Dow Jones - Risers
American Express Co. (AXP) $109.68 3.73%
Microsoft Corp. (MSFT) $106.47 3.30%
Travelers Company Inc. (TRV) $130.31 2.95%
Goldman Sachs Group Inc. (GS) $194.34 2.77%
JP Morgan Chase & Co. (JPM) $109.26 2.45%
Cisco Systems Inc. (CSCO) $45.57 2.31%
Visa Inc. (V) $135.93 2.31%
Dowdupont Inc. (DWDP) $57.70 2.18%
Caterpillar Inc. (CAT) $124.80 2.03%
International Business Machines Corp. (IBM) $119.56 2.02%
Dow Jones - Fallers
United Technologies Corp. (UTX) $127.98 -0.82%
Johnson & Johnson (JNJ) $141.39 -0.60%
Coca-Cola Co. (KO) $48.87 -0.31%
Walmart Inc. (WMT) $95.14 0.05%
Walt Disney Co. (DIS) $112.55 0.42%
Procter & Gamble Co. (PG) $91.94 0.44%
Pfizer Inc. (PFE) $43.34 0.46%
Home Depot Inc. (HD) $169.82 0.57%
Verizon Communications Inc. (VZ) $59.17 0.90%
Merck & Co. Inc. (MRK) $75.44 1.03%
S&P 500 - Risers
Newell Brands Inc (NWL) $23.52 8.19%
GameStop Corp. (GME) $14.58 8.00%
Wynn Resorts Ltd. (WYNN) $111.52 6.89%
L Brands Inc (LB) $31.99 6.74%
SCANA Corp. (SCG) $46.63 5.83%
Nvidia Corp. (NVDA) $153.05 5.55%
PG&E Corp. (PCG) $25.12 5.37%
Amazon.Com Inc. (AMZN) $1,581.33 5.28%
FMC Technologies Inc. (FTI) $23.81 5.26%
Mastercard Incorporated (MA) $191.85 5.07%
S&P 500 - Fallers
Mallinckrodt Plc Ordinary Shares (MNK) $24.31 -8.09%
Endo International Plc (ENDP) $11.66 -7.75%
Campbell Soup Co. (CPB) $39.02 -3.73%
United States Steel Corp. (X) $25.00 -2.80%
Cabot Oil & Gas Corp. (COG) $24.96 -2.46%
General Mills Inc. (GIS) $42.38 -2.28%
Spectra Energy Corp. (SE) $12.63 -2.09%
ConAgra Brands Inc (CAG) $32.60 -1.78%
Range Resources Corp. (RRC) $15.35 -1.60%
Southwestern Energy Co. (SWN) $5.05 -1.56%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $111.52 6.89%
Tesla Inc (TSLA) $346.00 6.19%
JD.com, Inc. (JD) $20.46 6.18%
Vodafone Group Plc ADS (VOD) $20.91 6.03%
Ctrip.Com International Ltd. Ads (CTRP) $27.77 5.91%
Nvidia Corp. (NVDA) $153.05 5.55%
Amazon.Com Inc. (AMZN) $1,581.33 5.28%
Dish Network Corp. (DISH) $32.11 4.70%
Take-Two Interactive Software Inc. (TTWO) $110.44 4.68%
Autodesk Inc. (ADSK) $138.80 4.60%
Nasdaq 100 - Fallers
Monster Beverage Corp (MNST) $56.82 -0.87%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $301.11 -0.73%
Costco Wholesale Corp. (COST) $219.45 -0.28%
Twenty-First Century Fox Inc Class B (FOX) $48.55 -0.23%
Biogen Inc (BIIB) $319.50 -0.18%
Twenty-First Century Fox Inc Class A (FOXA) $48.87 -0.14%
Mylan Inc. (MYL) $33.47 -0.06%
Starbucks Corp. (SBUX) $65.69 -0.02%
Kraft Heinz Co. (KHC) $51.07 0.06%
O'Reilly Automotive Inc. (ORLY) $350.99 0.10%