2/2 © Reuters. ARCHIVE PHOTO: A screen shows trade information for carrier giant Didi Global on the floor of the New York Stock Exchange (NYSE) in New York City, USA, December 3, 2021. REUTERS / Brendan McDermid
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By Caroline Valetkevitch
NEW YORK (Reuters) – US equities rose mostly on Monday, led by Amazon.com earnings and other large-cap growth stocks, while lingering concerns about inflation offset some of the optimism.
Shares of Amazon.com Inc. (NASDAQ 🙂 were up more than 2%, giving the Nasdaq and its biggest boosts on the first day of stock trading after adjusting to a split of 20 per 1.
Among the sectors, communication services and discretionary consumption were the ones that rose the most.
A solid employment report on Friday dampened hopes of a break in the Federal Reserve’s aggressive policy tightening plan.
Investors are watching inflation data closely, with a report on Friday expected to show still high inflation. U.S. Treasury yields rose on Monday.
“There has been a momentum in the markets for a long time,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.
The employment report was evidence that “the economy is still in good shape,” he said. But “with inflation soaring and commodity prices continuing to rise and with new all-time highs, perhaps this peak in inflation is still in this ethereal future.”
The feeling of help was to ease regulatory repression in China and signs in some parts of China of a return to more normal activity following the country’s largest COVID-19 outbreak in two years.
The drop of 23.65 points, or 0.07%, to 32,876.05, the S&P 500 gained 8.83 points, or 0.21%, to 4,117.37, and the 32.81 points added , or 0.27%, to 12,045.55.
Shares of Twitter Inc. (NYSE 🙂 fell 1.7% after billionaire Elon Musk said he could drop his takeover bid if the social media company does not provide data on spam and fake accounts.
Didi Global Inc. jumped after a report that Chinese regulators were preparing this week to allow the public transport company’s mobile app to return to national app stores.
Advanced issues outnumbered those that fell on the NYSE by 1.32 to 1; on the Nasdaq, a ratio of 1.03 to 1 favored declines.
The S&P 500 recorded 1 new 52-week high and 29 new lows; the Nasdaq Composite recorded 54 new highs and 109 new lows.