US open: Wall Street starts new quarter on front foot
Wall Street has started the third quarter on the front foot in the wake of a strong reading on US factory sector activity, albeit amid weakness in oil futures as the Greenback extends its recent rebound.
At 1611 BST, the Dow Jones Industrials Average was higher by 0.24% or 53.69 points to 22,458.35, alongside gains of 0.14% or 3.52 points to 2,522.92 for the S&P 500 and a 0.25% or 16.27 point rise for the Nasdaq Composite.
In parallel, front month West Texas Intermediate crude oil futures were down by 3.1% to $50.12 a barrel as the US dollar spot index climbed 0.57% to 93.61, in part due to weakness in the single currency after the illegal independence vote in Catalonia at the weekend.
Meanwhile, and from a sector standpoint, the best performance was to be seen in Coal (2.85%), Paper (1.87%) and Aluminum (1.46%).
To take note of, strategists were somewhat divided on the outlook for shares. For those at JP Morgan, the risk-on phase which began in September was set to extend further going into the end of the year.
Among the arguments put forth by the investment bank to back its case up were, favourable seasonals, a lower hurdle to third quarter company earnings and the likelihood of tax reforms in the States. They also pointed out how Citi's US economic surprise index was on the verge of turning positive.
Their peers at Bank of America-Merrill Lynch on the other hand were of a more cautious bent, telling clients that their 'Sell-side' indicator was pointing to meagre returns in the year ahead for those investing in the S&P 500.
Nonetheless, a key economic release printed ahead of forecasts on Monday.
The ISM's manufacturing sector gauge came in at 60.8 points for September, versus a print of 58.8 in the month before, defying projections for a dip to 57.5.
Acting as a backdrop, an official survey released on Saturday revealed that China's factory activity expended at the fastest pace in five years in September, with the official manufacturing PMI coming in at 52.4 from 51.7 in August. This marked the highest level since April 2012.
However, the private-sector survey compiled by Caixin slipped from a reading of 51.6 to 51.0.
On the US corporate front, MGM Resorts was in the spotlight in the wake of the deadly shootings in Las Vegas.
Orthopediatrics filed to raise as much as $56m via a share offering.
Oracle Corp was going the other way after its chairman Larry Ellison guaranteed late on Sunday to offer database warehousing at less than half the price Amazon.com charges.
Walt Disney and Altice USA were also in focus after reaching a tentative agreement over the weekend to keep Disney's channels on air for millions of subscribers.
Dow Jones - Risers
Intel Corp. (INTC) $38.66 1.51%
Procter & Gamble Co. (PG) $92.20 1.34%
Walt Disney Co. (DIS) $99.81 1.26%
General Electric Co. (GE) $24.47 1.20%
International Business Machines Corp. (IBM) $146.60 1.05%
Merck & Co. Inc. (MRK) $64.59 0.87%
Wal-Mart Stores Inc. (WMT) $78.82 0.87%
3M Co. (MMM) $211.63 0.83%
Pfizer Inc. (PFE) $35.96 0.73%
Johnson & Johnson (JNJ) $130.90 0.68%
Dow Jones - Fallers
Chevron Corp. (CVX) $116.58 -0.78%
Exxon Mobil Corp. (XOM) $81.52 -0.56%
Caterpillar Inc. (CAT) $124.24 -0.38%
Apple Inc. (AAPL) $153.74 -0.25%
American Express Co. (AXP) $90.29 -0.19%
Verizon Communications Inc. (VZ) $49.41 -0.16%
Home Depot Inc. (HD) $163.54 -0.01%
Cisco Systems Inc. (CSCO) $33.63 -0.00%
E.I. du Pont de Nemours and Co. (DD) $83.93 0.00%
McDonald's Corp. (MCD) $156.72 0.03%
S&P 500 - Risers
Endo International Plc (ENDP) $9.04 5.50%
Citrix Systems Inc. (CTXS) $80.47 4.76%
Mallinckrodt Plc Ordinary Shares (MNK) $38.98 4.31%
FLIR Systems Inc. (FLIR) $40.35 3.70%
Seagate Technology Plc (STX) $34.30 3.41%
Allergan plc (AGN) $210.67 2.79%
Expedia Inc. (EXPE) $147.91 2.76%
F5 Networks Inc. (FFIV) $123.83 2.71%
Akamai Technologies Inc. (AKAM) $49.98 2.59%
Interpublic Group of Companies Inc. (IPG) $21.32 2.55%
S&P 500 - Fallers
Nordstrom Inc. (JWN) $43.84 -7.02%
Dentsply International Inc. (XRAY) $56.62 -5.33%
Macy's Inc. (M) $20.80 -4.67%
Transocean Ltd. (RIG) $10.35 -3.86%
Kohls Corp. (KSS) $44.11 -3.38%
CSX Corp. (CSX) $52.53 -3.19%
HCP Inc. (HCP) $27.02 -2.89%
Chipotle Mexican Grill Inc. (CMG) $299.95 -2.56%
Western Digital Corp. (WDC) $84.21 -2.53%
J.B. Hunt Transport Services Inc. (JBHT) $108.29 -2.51%
Nasdaq 100 - Risers
Liberty Global Plc Lilac Class C (LILAK) $24.61 5.62%
Citrix Systems Inc. (CTXS) $80.47 4.76%
Liberty Global Plc Lilac Class A (LILA) $24.84 4.55%
Seagate Technology Plc (STX) $34.30 3.41%
JD.com, Inc. (JD) $39.46 3.29%
Expedia Inc. (EXPE) $147.91 2.76%
Akamai Technologies Inc. (AKAM) $49.98 2.59%
Regeneron Pharmaceuticals Inc. (REGN) $457.25 2.27%
Mylan Inc. (MYL) $32.08 2.26%
Mercadolibre Inc. (MELI) $264.67 2.22%
Nasdaq 100 - Fallers
Dentsply International Inc. (XRAY) $56.62 -5.33%
CSX Corp. (CSX) $52.53 -3.19%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $220.10 -2.63%
Western Digital Corp. (WDC) $84.21 -2.53%
J.B. Hunt Transport Services Inc. (JBHT) $108.29 -2.51%
Wynn Resorts Ltd. (WYNN) $146.15 -1.86%
Activision Blizzard Inc. (ATVI) $63.59 -1.43%
Incyte Corp. (INCY) $115.22 -1.30%
Netflix Inc. (NFLX) $179.08 -1.25%
KLA-Tencor Corp. (KLAC) $104.74 -1.19%