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Summary
- S&P 500 gained 0.70%, Dow Jones rose 0.32% and NASDAQ surged 1.23%.
- Canadian Pacific seals deal to acquire US cargo rail company Kansas City for US$25 billion.
- The 10-year Treasury bond yields dropped 2.16% to 1.695.
US markets closed higher on Monday after technology, consumer-cyclical, and real estate stocks rallied as investors were buoyed by news of several big-ticket deals while bond yields continued to slip back.
The S&P 500 gained 0.70% to 3940.59. The Dow Jones Industrial Average rose 0.32% to 32731.20. The NASDAQ Composite Index surged 1.23% to 13377.54, and the small-cap Russell 2000 shed 0.90% to 2266.84.
Technology stocks bounced back strongly on Monday after wobbling in the previous sessions. Stocks of Apple, Amazon, Facebook, Tesla, and Match Group saw considerable gains from last week’s dull show. Tesla and Amazon shares were up over 4 percent, while Apple and Facebook gained about 3 percent.
Tesla has been in the news late last week after Elon Musk said that the company may be shut down if its cars spied in China. His comments come after the Chinese military banned Tesla cars from its premises.
The Amazon stocks saw high traction in Monday’s session as the UK-based food app company Deliveroo, backed by the e-commerce giant, gets ready to go public in one of Britain’s biggest stock market debut.
Deliveroo aims to raise US$12 billion from the initial public offering, the largest since Glencore in 2011.
Investors were also lifted by news of several big-ticket deals on Monday. The Canadian Pacific Railway has sealed a deal to buy US cargo rail company Kansas City Southern for US$25 billion after two previous failed attempts. The transaction will be in stock and cash, pending the regulator’s approval by 2022. The two networks, to be re-named as Canadian Pacific Kansas City, will connect the US, Mexico, and Canada.
Nuverse, the video games unit of Chinese technology company ByteDance, has agreed to acquire gaming studio Moonton for US$4 billion, according to industry sources. The acquisition will help expand Nuverse’s video game business. The news comes even as another of ByteDance’s sister concern TikTok video secured a partnership agreement with Canadian digital media company Enthusiast Gaming Holdings Inc. to jointly create high-impact video content for their users, they said in a release.
The US investment management firm Blackstone Group Inc. has offered to purchase Australian casino operator Crown Resorts Ltd. for US$6 billion. The deal hinges on the approval of Australian regulators granting Blackstone to operate Crown Resorts’ casinos in Melbourne, Perth, and Sydney.
Meanwhile, GameStop is slated to report its first quarterly earnings on Tuesday. The stock had surged more than 10 times over the past year, thanks to the Reddit-fueled rally. It had peaked at more than US$480 in late January. Music streaming company Tencent Music Entertainment Group was expected to present its latest quarterly report at the close of markets on Monday. Adobe Inc. to report on Tuesday.
In Monday’s session, technology, real estate, healthcare, consumer cyclicals, consumer non-cyclicals basic materials stocks advanced, while shares of industrials, utilities, energy, and financials pulled back.
Pic Credit: Pixabay.
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Top Gainers
Top performers on S&P 500 included Kansas City Southern (11.12%), Dexcom Inc (4.41%), KLA Corp (4.26%), and Enphase Energy Inc (3.98%). On NASDAQ, top performers were Support.com Inc (231.78%), Ji Intel Corp (2.93%), Apple Inc (2.83%), Cisco Systems Inc (2.70%), and Microsoft Corp (2.45%).ayin Group Inc (78.10%), Summer Infant Inc (38.62%), and Recon Technology Ltd (33.42%). On Dow Jones, Intel Corp (2.93%), Apple Inc (2.83%), Cisco Systems Inc (2.70%), and Microsoft Corp (2.45%) were among the leaders.
Top Losers
Top laggards on S&P 500 included SVB Financial Group (-6.03%), Carnival Corp (-5.11%), American Airlines Group Inc (-4.57%), and United Airlines Holdings Inc (-4.02%). On NASDAQ, Odonate Therapeutics Inc (-79.19%), Euroseas Ltd (-20.94%), Farmmi Inc (-18.57%), and Supercom Ltd (-17.41%) were the losers. On Dow Jones, JPMorgan Chase & Co (-2.69%), Boeing Co (-1.79%), Goldman Sachs Group Inc (-1.41%), and Travelers Companies Inc (-1.15%) were the laggards.
Image Source: EODHD/Others, S&P 500 Six-Month price chart, March 22, 2021.
Volume Movers
Top volume movers are Apple Inc (26.70M), Ford Motor Co (21.36M), Cisco Systems Inc (10.35M), General Electric Co (10.12M), Microsoft Corp (9.52M), Intel Corp (9.51M), American Airlines Group Inc (9.43M), ViacomCBS Inc (9.36M), Bank of America Corp (9.27M), Twitter Inc (8.75M), Support.com Inc (42.42M), Hall of Fame Resort & Entertainment Co (24.51M), Sundial Growers Inc (24.22M), Jiayin Group Inc (11.33M), Verizon Communications Inc (6.65M), and Coca-Cola Co (5.91M).
Futures & Commodities
Gold futures were down 0.19% to $1,738.35 per ounce, silver prices dropped 1.85% to $25.835 per ounce, and copper climbed 0.72% to $4.1425.
Brent oil futures were up 0.03% to $64.28 and WTI crude gained 0.28% to $61.27 per barrel.
Bond Market
The 30-year treasury bond yields were down 2.15% to 2.398, while the 10-year bond yields dropped 2.16% to 1.695.
US Dollar Futures Index was down 0.12% to 91.812.
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US senators on Monday urged President Joe Biden to set a tentative date for phasing out all gasoline-powered passenger vehicles as his administration considers new emission rules. On his campaign trail, he had promised to introduce measures to pave way for zero-emission vehicles by 2035. His administration plans to replace all federal government automobiles with clean energy vehicles.
Meanwhile, US Transportation Security Administration (TSA) has said that the number of air travelers topped 1.5 million for the first time since March 2020, indicating a significant recovery for the sector from the covid-related slump, when the passenger figures were down almost 60 percent.
