Stocks came off session highs as giants Tesla Inc. and Amazon.com Inc. weighed on the Nasdaq 100. Traders also assessed economic data, with inflation remaining at the forefront of the investment debate. The dollar fell, while Treasuries advanced.
Most major groups in the S&P 500 rose, with gains in commodity and industrial shares offsetting losses in tech and retail companies. Moderna Inc. rallied after agreeing to provide as many as 500 million doses of its COVID-19 shot to the vaccination program known as Covax. Berkshire Hathaway Inc. climbed as Warren Buffett said Greg Abel, vice chairman of non-insurance businesses, would be his likely successor. Estee Lauder Cos. sank as the cosmetics giantâs sales missed estimates.
Provided by Dow Jones
By Anna Hirtenstein and Caitlin McCabe Investors piled into shares of economically sensitive companies and pulled back from technology stocks Monday, leading to a divergence in major indexes. The Dow Jones Industrial Average jumped 0.1%. The S&P 500 advanced 0.3% to kick off May after finishing April with its best month since November. The Nasdaq Composite, in contrast, pulled back 0.5% after opening higher. Megacap technology companies including Amazon.com, Netflix and Facebook weighed on the technology-heavy index. Investors have been heartened lately by signals that economic growth is picking up, with recent data showing that U.S. indicators ranging from consumer spending to jobless claims are improving. Meanwhile, an exceptionally strong earnings season so far during which most S&P 500 companies have surpassed analysts profit expectations has added to the optimism.
Florida Gov. DeSantis suspends all remaining Covid restrictions (SPY +0.2%). Verizon sold AOL and Yahoo for $5 billion.
The Market in Perspective
Here are the headlines moving the markets.
Could Oil Prices Hit $80 Per Barrel? Despite the significant rally in oil over the past couple of weeks, demand uncertainty continues to affect prices.The outbreak of the second wave of a new Covid-19 strain in India has particularly left the markets concerned about fuel demand in the worlds 3rd largest oil consumer.According to Indian state-owned refiner, Bharat Petroleum, overall fuel demand in India is now estimated to have dropped by about 7% from pre-covid levels in April 2019. Furthermore, refineries have postponed maintenance plans, which has disrupted refinery
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