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US stocks closed higher on Monday, May 2, after yields on 10-year Treasury notes jumped 3%, the highest increase in more than three years.
The S&P 500 was up 0.57% to 4,155.38. The Dow Jones rose 0.26% to 33,061.50. The NASDAQ Composite increased by 1.63% to 12,536.02, and the small-cap Russell 2000 was up 1.01% to 1,882.91.
The market has been volatile this year against the backdrop of high inflation, supply chain snarls, the Russia-Ukraine war, and the Fed's anticipated rate hikes.
In April, Nasdaq fell over 13%, its worst monthly performance since 2008. Likewise, S&P 500 was down 13% in the first four months of 2022, its worst 4-month performance since 1939.
Investors would be eagerly waiting for Fed's policy meeting this week. The bank is expected to announce a 50 basis point rate hike to curb the four-decade high inflation.
Both global oil futures Brent oil and US-standard WTI Crude oil jumped 0.49% each per barrel in intraday. Spot gold declined 2.54% to US$1,863.20.
Communication services and information technology sectors led gains in the S&P 500 index on Monday. Six of the 11 sectors of the S&P 500 index stayed in the positive territory with real estate and consumer staples as the bottom movers.
Spirit Airlines (SAVE) rejected a takeover offer from JetBlue Airways Corporation (JBLU, sticking to its existing plan for a merge with Frontier Group. The SAVE stock tumbled 8.87% in intraday trading, while JBLU gained 2.63%.
Shares of the video game company, Activision Blizzard, Inc. (ATVI) rose 3.20% after Warren Buffett announced that Berkshire Hathaway Inc. has taken a 9.5% stake in the company.
Moody's Corporation (MCO) stock was down 4.85% after the company reported downbeat quarterly earnings and guidance for fiscal 2022. The company's profit fell by around one-third due to the increase in costs.
In the communication services sector, Alphabet Inc. (GOOGL) gained 1.91%, Meta Platforms, Inc. (FB) increased by 5.32%, and The Walt Disney Company (DIS) rose 1.75%. Comcast Corporation (CMCSA) and T-Mobile US, Inc. (TMUS) advanced 1.74% and 2.65%, respectively.
In technology stocks, Microsoft Corporation (MSFT) surged 2.50%, NVIDIA Corporation (NVDA) added 5.32%, and Broadcom Inc. (AVGO) soared 3.96%. ASML Holding N.V. (ASML) and Cisco Systems, Inc. (CSCO) ticked up 1.30% and 1.80%, respectively.
In the real estate sector, Prologis, Inc. (PLD) decreased by 4.40%, Crown Castle International Corp. (CCI) fell 2.36%, and American Tower Corporation (AMT) declined 1.69%. Equinix, Inc. (EQIX) and Public Storage (PSA) plunged 2.32% and 3.08%, respectively.
In the crypto space, Bitcoin (BTC) and Ethereum (ETH) increased by 1.65% and 2.47%, respectively. The global crypto market cap rose 1.32% to US$1.73 trillion at 4:18 pm ET on May 2.
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Futures & Commodities
Gold futures were down 2.58% to US$1,862.31 per ounce. Silver decreased by 1.79% to US$22.672 per ounce, while copper declined by 2.91% to US$4.2802.
Brent oil futures increased by 0.49% to US$107.66 per barrel and WTI crude was up 0.49% to US$105.20.
Also Read: NVDA to AMD: Will these 5 semiconductor stocks ride out supply crunch?
Bond Market
The 30-year Treasury bond yields were up 2.76% to 3.027, while the 10-year bond yields rose 3.11% to 2.975.
US Dollar Futures Index increased by 0.66% to US$103.645.
