US stocks close higher as tech, material stocks gain

November 08, 2021 01:49 PM PST | By Sanjeeb Baruah

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US stocks close higher as tech, material stocks gain — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

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Benchmark US indices closed higher on Monday, Nov 8, lifted by gains in basic material and tech stocks and an upbeat economic outlook after lawmakers passed a US$1 trillion infrastructure bill.

The S&P 500 was up 0.09% to 4,701.70. The Dow Jones rose 0.29% to 36,432.22. The NASDAQ Composite gained 0.07% to 15,982.36, and the small-cap Russell 2000 was up 0.19% to 2,441.69.

Traders were upbeat after the House of Representatives passed a US$1 trillion infrastructure bill late last Friday following month-long wrangling over the draft legislation.

The strong third-quarter results of companies lifted the indices in recent weeks despite concerns over supply disruptions and inflation. According to analysts, more than 80% of the S&P 500 companies reported so far have topped Wall Street expectations. In addition, last week’s better-than-expected jobs data of the Labor Department helped subdue the labor market concerns.

Basic materials, energy, and technology stocks led gains on the S&P 500 index on Monday, while utility and consumer staple stocks were the bottom movers. Seven of the 11 stock segments of the index stayed in the green.

Shares of Tesla, Inc. (TSLA) fell 3.22% after CEO Elon Musk said he would sell around one-tenth of his shares in the company.

The Trade Desk, Inc. (TTD) stock jumped 29.99% in intraday trading after reporting better-than-expected quarterly results. On a GAAP basis, its revenue surged 39% YoY to US$301.1 million in Q3, FY21, while its net income came in at US$59.4 million compared to US$41.2 million a year ago.

Stocks of crypto firms also saw a record climb on Monday. Marathon Digital Holdings, Inc. (MARA), Coinbase Global, Inc. (COIN), and Riot Blockchain, Inc. (RIOT) jumped 19.04%, 5.70%, and 16.43%, respectively.

In the basic material sector, Linde PLC (LIN) increased by 1.34%, Freeport-McMoran, Inc. (FCX) rose 6.40%, and International Flavors & Fragrances, Inc. (IFF) gained 1.89%. Nucor Corporation (NUE) and Albemarle Corporation (ALB) advanced 3.65% and 2.13%, respectively.

In technology stocks, Nvidia Corporation (NVDA) surged 3.80%, Intel Corporation (INTC) jumped 1.22%, and Qualcomm Incorporated (QCOM) ticked up 2.42%. Advanced Micro Devices Inc. (AMD) and Micron Technology, Inc. (MU) were up 11.51% and 2.70%, respectively.

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Basic materials, energy, and technology stocks led gains on the S&P 500 index on Monday, while utility and consumer staple stocks were the bottom movers.

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Seven of the 11 stock segments of the S&P 500 index stayed in the green.

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Futures & Commodities

Gold futures were up 0.53% to US$1,826.35 per ounce. Silver increased by 1.66% to US$24.558 per ounce, while copper rose 1.38% to US$4.4028.

Brent oil futures increased by 1.15% to US$83.69 per barrel and WTI crude was up 1.24% to US$82.28.

World markets near record highs

Bond Market

The 30-year Treasury bond yields was up 0.16% to 1.889, while the 10-year bond yields rose 3.01% to 1.497.

US Dollar Futures Index decreased by 0.29% to US$94.043.

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