The S&P 500 climbed on Monday as technology stocks surged and consumer stocks rose on optimism about China’s reopening.
The S&P 500 gained 0.8%, the Dow Jones Industrial Average gained 0.4%, or 124 points, and the Nasdaq gained 1%.
Technology stocks rose in choppy trade as investors weighed signs of China’s loosening of regulatory crackdowns on tech stocks against expectations of continued monetary tightening by the Federal Reserve.
Big tech stocks were mostly higher, led by Alphabet (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN), which rose nearly 3 percent after Monday’s 20-to-1 split took effect %. The move is aimed at making the stock more attractive to private investors.
Meanwhile, Apple (NASDAQ: AAPL) rose about 1% after the tech giant announced a new iPhone software update and its latest chip, the M2.
Ahead of the event, investors eagerly awaited hints about the company’s AR/VR [augmented reality/virtual reality] technology, which “will represent an important addition to the Apple ecosystem as the company aggressively pursues the Metaverse opportunity with Apple Glass. “For,” Wedbush said in a recent report.
Meanwhile, Twitter (NYSE: TWTR) pared some of its losses after confirming it intends to reach a $44 billion private deal with Elon Musk.
In a regulatory filing, Musk threatened to pull out of the deal, saying social media failed to provide information about fake accounts and users on its platform, a serious breach of the terms of the deal.
Chinese stocks are also in uptrend mode, led by Didi Global (NYSE: DIDI), up more than 35%, as reports that Chinese regulators are wrapping up their investigation of the ride-sharing company have sparked concerns about the ride-sharing company. Optimism that Beijing’s crackdown on technology is about to end.
Consumer stocks were the best-performing sectors of the day, with casino stocks providing some heavyweights as investors digested further easing of China’s Covid-19 lockdown measures.
Caesars Entertainment (NASDAQ: CZR), Pennsylvania National Bank (NASDAQ: PENN) and Wynn Resorts (NASDAQ: WYNN) rose more than 2%.
Energy stocks shrugged off the fall in oil prices as investors weighed recent pledges by OPEC and its allies to increase production.
In trading news, Spirit Airlines Inc (NYSE: SAVE) jumped 6% after JetBlue Airways (NASDAQ: JBLU) raised its bid for the low-cost carrier . Jetblue raised the termination fee — an amount to be paid to Spirit if the deal is blocked by regulators — to $350 million, or $3.20 per Spirit share.
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