US open: Stocks rise despite weak economic data, oil price slip
AVIS BUDGET GROUP
n/a
00:00 25/04/24
Wall Street's main market averages were firmly on the black on Monday, despite mixed news on the economic front.
At 1501 BST, the Dow Jones Industrial Average futures was up by 0.42% or 90.76 points to 21,485.22, while the S&P 500 was higher by 0.40% or 9.24 points at 2,447.53 and the Nasdaq Composite by 0.26% or 16.54 points to 6,281.86.
Durable goods orders fell by 1.1% month-on-month in May, undershooting forecasts by a wide margin as orders for civilian and defence aircraft and so-called 'core' orders acted as a drag.
According to Ian Shepherdson, chief economist at Pantheon Macroeconomics, in recent years core capex orders had lagged oil prices by a few months.
If that relationship continued to hold then orders would remain steady throughout the summer and then fall modestly in the fall.
However, Shepherdson did not expect to see a meltdown in capex.
The Federal Reserve bank of Chicago's national activity gauge slipped from a reading of 0.57 points for April to -0.26 in May.
Against that backdrop, the yield on the benchmkark 10-yaer US Treasury note was dipping one basis point to 2.13%.
To take note of, overnight the president of the Federal Reserve Bank of San Francisco, John Williams, echoed chair Janet Yellen, calling for continued gradual rate hikes in order to avoid overheating from tightness in the labour market.
In corporate news, deal-making dominated headlines.
Shares in Avis rocketed amid reports of a buy-out offer.
Pandora Media surged 7% following reports its founder and chief executive officer Tim Westergren was planning to step down.
Stock in Arconic was down 6% after The New York Times reported it was the firm which built the padding for the Grenfell Tower.
Martin Marietta was also trading on the frontfoot following the announcement that it would takeover Bluegrass Materials for $1.63bn in cash.
Yum! Brands gained after Australia's Collins Foods said it was buying 28 KFC restaurants from the operator of fast food chains.
From a sector standpoint the best performance was beeing seen in the following industrial groups: Coal (3.89%), Non-ferrous metals (2.71%) and Retail REITs (1.98%).
In oil markets, West Texas Intermediate was down by 0.42% to $42.83 a barrel while Brent crude was off by 0.64% to $45.25, well off earlier highs.
Oanda analyst Craig Erlam said: "I'm seeing little to convince me that this is anything other than a dead cat bounce, with both Brent and WTI this morning already running into resistance at the first time of asking."
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $220.27 1.42%
American Express Co. (AXP) $83.19 1.18%
Cisco Systems Inc. (CSCO) $32.47 1.17%
Boeing Co. (BA) $204.15 0.95%
International Business Machines Corp. (IBM) $155.57 0.95%
Apple Inc. (AAPL) $147.50 0.83%
Wal-Mart Stores Inc. (WMT) $75.38 0.72%
JP Morgan Chase & Co. (JPM) $87.40 0.62%
Nike Inc. (NKE) $53.17 0.61%
Intel Corp. (INTC) $34.40 0.61%
Dow Jones - Fallers
Chevron Corp. (CVX) $104.60 -0.38%
Exxon Mobil Corp. (XOM) $81.30 -0.38%
Unitedhealth Group Inc. (UNH) $184.72 -0.29%
Pfizer Inc. (PFE) $34.12 -0.15%
McDonald's Corp. (MCD) $154.55 -0.06%
Travelers Company Inc. (TRV) $127.66 -0.00%
3M Co. (MMM) $213.18 0.08%
Procter & Gamble Co. (PG) $89.52 0.11%
Home Depot Inc. (HD) $151.48 0.11%
Merck & Co. Inc. (MRK) $66.27 0.17%
S&P 500 - Risers
Micron Technology Inc. (MU) $32.84 3.50%
Chesapeake Energy Corp. (CHK) $4.72 3.17%
Kimco Realty Corp. (KIM) $18.56 3.17%
Advance Auto Parts (AAP) $123.34 3.01%
FirstEnergy Corp. (FE) $29.73 2.82%
Perrigo Company plc (PRGO) $77.26 2.63%
ONEOK Inc. (OKE) $50.47 2.60%
Southwestern Energy Co. (SWN) $5.94 2.59%
Diamond Offshore Drilling Inc. (DO) $10.60 2.51%
AES Corp. (AES) $11.83 2.34%
S&P 500 - Fallers
Frontier Communications Co. (FTR) $1.20 -1.64%
Murphy Oil Corp. (MUR) $24.49 -1.45%
Qorvo, Inc. (QRVO) $69.00 -1.34%
Illumina Inc. (ILMN) $183.26 -1.09%
Humana Inc. (HUM) $235.90 -1.06%
ConocoPhillips (COP) $44.38 -1.01%
Intuit Inc. (INTU) $139.00 -1.00%
Nordstrom Inc. (JWN) $47.54 -0.96%
Hess Corp. (HES) $41.02 -0.92%
Occidental Petroleum Corp. (OXY) $59.58 -0.89%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $32.84 3.50%
Liberty Global Plc Lilac Class A (LILA) $21.23 2.44%
Liberty Global plc Series A (LBTYA) $30.71 2.43%
Twenty-First Century Fox Inc Class A (FOXA) $27.75 2.08%
Viacom Inc. Class B (VIAB) $34.79 1.99%
O'Reilly Automotive Inc. (ORLY) $224.37 1.95%
Liberty Global plc Series C (LBTYK) $29.70 1.92%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $55.81 1.83%
Discovery Communications Inc. Class C (DISCK) $25.51 1.80%
Discovery Communications Inc. Class A (DISCA) $26.24 1.74%
Nasdaq 100 - Fallers
NetEase Inc. Ads (NTES) $326.47 -2.13%
Incyte Corp. (INCY) $133.85 -1.78%
Biomarin Pharmaceutical Inc. (BMRN) $93.60 -1.47%
Illumina Inc. (ILMN) $183.26 -1.09%
Intuit Inc. (INTU) $139.00 -1.00%
JD.com, Inc. (JD) $42.59 -0.84%
Celgene Corp. (CELG) $133.24 -0.80%
Mercadolibre Inc. (MELI) $273.16 -0.75%
Mattel Inc. (MAT) $20.55 -0.65%
Alexion Pharmaceuticals Inc. (ALXN) $125.33 -0.59%