US open: Dow Industrials and S&P 500 plow ahead, set new highs

Alexander Bueso Sharecast | 19 Jun, 2017 16:08 - Updated: 16:08 | | |

Apple Event

Gains in technology and industrial metals saw the Dow Jones Industrials and S&P 500 hit fresh record highs at the start of the week.

As of 1547 BST, the Dow Jones Industrial Average was 0.48% or 102.28 points ahead at 21,486.51, while the S&P 500 was adding 0.68% or 16.42 points to 2,449.76 with the Nasdaq Composite tacking on 1.21% or 75.22 points to 6,227.09 alongside it.

Helping things along, technology issues were wanted with stock in Apple rising 2.58%.

Shares in the main market protagonists from the previous session, Amazon.com and Whole Foods, were also trading higher, even as analysts at Barclays revised their target price for the latter from $38 to $48.

Implicitly, Barclays analyst Karen Short's new valuation implied 40% odds that a rival bid for Whole Foods would be forthcoming.

From a sector standpoint the biggest gains were to be seen in: Aluminium (3.70%), Iron&Steel (2.59%), Computer Hardware (2.37%), Industrial Metals (2.31%) and Internet stocks (1.93%).

Banks also found a bid after New York Fed chief William Dudley was quoted as having said at a roundtable discussion the US central bank should continue hiking rates. The KBW gauge of lenders' shares was advancing 1.10% to 94.77.

Dudley sounded a confident note on the likelihood that wage pressures would eventually push inflation higher as the job market continued to tighten.

Acting as a backdrop, in France, President Emmanuel Macron's party won a clear parliamentary majority at the weekend, weeks after his own presidential victory. His La Republique en Marche won more than 300 seats in the 577-seat National Assembly.

Investors in the US were also likely to be keeping an eye on developments across the pond as the Brexit negotiations between the EU and the UK kicked off on Monday. Issuing joint comments as they headed into the first meeting, Brexit secretary David Davis and the European Union's chief negotiator, Michel Barnier, said the talks were taking place in a "positive and constructive" tone, and that "there is more that unites us than divides us".

In US corporate news, Boeing was in focus after signing a memorandum of understanding with BOC Aviation for 10 737 MAX 10 airplanes at the 2017 Pairs Air Show.

Byline Bancorp. said it expected to price its upcoming IPO at between $19 and $25 a share.

Stock in Clovis Oncologies soared following positive phase 3 trials.

Rice Energy was the most heavily-traded issue on the NYSE after EQT announced it would acquire the oil and natural gas company for $6.7bn.

Valeant Pharmaceuticals pushed higher by 6% after nominating billionaire hedge fund manager John Paulson to its board.

Chicago Fed President Charles Evans was due to give a speech to the Money Marketeers of New York later in the day.

No major economic data were scheduled for release on Monday.

Dow Jones - Risers

Apple Inc. (AAPL) $145.78 2.47%
JP Morgan Chase & Co. (JPM) $87.81 1.89%
Goldman Sachs Group Inc. (GS) $225.21 1.53%
United Technologies Corp. (UTX) $122.08 1.37%
Boeing Co. (BA) $199.02 1.31%
E.I. du Pont de Nemours and Co. (DD) $83.39 1.12%
Microsoft Corp. (MSFT) $70.55 0.79%
Merck & Co. Inc. (MRK) $63.46 0.78%
Intel Corp. (INTC) $35.48 0.77%
Nike Inc. (NKE) $51.47 0.72%

Dow Jones - Fallers

Exxon Mobil Corp. (XOM) $82.98 -0.61%
Chevron Corp. (CVX) $107.69 -0.61%
Travelers Company Inc. (TRV) $128.96 -0.37%
Verizon Communications Inc. (VZ) $46.45 -0.36%
Wal-Mart Stores Inc. (WMT) $75.03 -0.31%
General Electric Co. (GE) $28.92 -0.26%
Procter & Gamble Co. (PG) $89.47 -0.21%
Johnson & Johnson (JNJ) $134.08 -0.19%
Coca-Cola Co. (KO) $45.26 -0.10%
Caterpillar Inc. (CAT) $107.51 -0.08%

S&P 500 - Risers

United States Steel Corp. (X) $21.01 4.27%
Micron Technology Inc. (MU) $30.98 3.75%
PerkinElmer Inc. (PKI) $65.93 3.71%
Nucor Corp. (NUE) $56.78 3.39%
Alcoa Corporation (AA) $30.90 3.00%
Navient Corporation (NAVI) $15.98 2.96%
Eastman Chemical Co. (EMN) $85.50 2.95%
Nvidia Corp. (NVDA) $155.83 2.78%
Applied Materials Inc. (AMAT) $44.20 2.53%
Biogen Inc (BIIB) $257.98 2.48%

S&P 500 - Fallers

EQT Corp. (EQT) $53.31 -9.29%
Frontier Communications Co. (FTR) $1.34 -3.96%
Target Corp. (TGT) $51.18 -2.72%
Cabot Oil & Gas Corp. (COG) $22.55 -2.49%
L Brands Inc (LB) $50.29 -2.46%
Southwestern Energy Co. (SWN) $5.92 -2.37%
TripAdvisor Inc. (TRIP) $37.06 -2.24%
Genuine Parts Co. (GPC) $93.61 -2.09%
Urban Outfitters Inc. (URBN) $17.72 -2.05%
Costco Wholesale Corp. (COST) $164.01 -1.86%

Nasdaq 100 - Risers

JD.com, Inc. (JD) $39.85 4.41%
Micron Technology Inc. (MU) $30.98 3.75%
NetEase Inc. Ads (NTES) $305.38 2.83%
Nvidia Corp. (NVDA) $155.83 2.78%
Baidu Inc. (BIDU) $178.36 2.58%
Applied Materials Inc. (AMAT) $44.20 2.53%
Biogen Inc (BIIB) $257.98 2.48%
Broadcom Limited (AVGO) $241.95 2.41%
Apple Inc. (AAPL) $145.67 2.39%
KLA-Tencor Corp. (KLAC) $99.90 2.25%

Nasdaq 100 - Fallers

Costco Wholesale Corp. (COST) $164.01 -1.86%
O'Reilly Automotive Inc. (ORLY) $228.76 -1.14%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $292.78 -1.07%
Seagate Technology Plc (STX) $41.60 -1.02%
Mattel Inc. (MAT) $20.56 -0.79%
Liberty Interactive Corporation QVC Group (QVCA) $24.39 -0.77%
Dollar Tree Inc (DLTR) $69.68 -0.55%
Ross Stores Inc. (ROST) $59.93 -0.25%
Yahoo! Inc. (YHOO) $52.58 0.00%
Tractor Supply Company (TSCO) $55.48 0.02%

More news

19 Oct Europe close: Stocks dip amid Spanish impasse, overbought conditions

A stronger euro despite the continuing political stand-off in Spain weighed on stocks across the continent.

19 Oct London close: UK stocks fall with sterling as investors mull retail sales

London stocks closed in the red on Thursday after disappointing UK retail sales data and with ongoing concerns about stalled Brexit negotiations.

19 Oct Results round-up

London Stock Exchange announced the departure of chief executive Xavier Rolet on Thursday, confirming he would leave the group by the end of December next year after nine years with the company.

19 Oct Investec says Rio Tinto is preferred pick among diversified miners

Analysts at Investec reiterated their "preference" for shares of Rio Tinto among the diversified majors, despite the miner's "mixed" third quarter results.

19 Oct FTSE 100 movers: Unilever and WPP lead retreat as sector growth disappoints

The FTSE 100 retreated 0.29% in afternoon trading on Thursday as equity markets were seen affected by disappointing retail data.

19 Oct Friday preview: UK public finances; results from IHG, Acacia, Renishaw

UK public finances will come under the microscope on Friday 20 October, while later on US Fed Chair Janet Yellen speaks and there are results from InterContinental Hotels, Acacia Mining and Renishaw.

19 Oct Apple shares fall after Watch connection issues in China

Shares of US tech giant Apple were suffering their biggest decline in the last month after Wall Street opened on Thursday amidst reports that the Apple Watch was suffering from service issues in China.

19 Oct US open: Wall Street dips on anniversary of 1987 Black Monday crash

Wall Street's main averages came under selling pressure as traders booked some profits on the 30th anniversary of the 1987 Black Monday US stock market crash that saw the S&P 500 plummet 20% in a single session.

19 Oct SigmaRoc gobbles up Topcrete and Allen Concrete

Buy-and-build construction materials group SigmaRoc announced the acquisition of Topcrete and its wholly owned subsidiary Allen Concrete on Thursday, for an initial cash consideration of £9m and a deferred conditional cash consideration of £3.5m, subject to certain adjustments in respect of completion accounts.

19 Oct Keywords Studios acquires development service provider d3t

Video games industry technical services provider Keywords Studios announced on Thursday that it has acquired d3t for a total consideration of £3m from the founders Jamie Campbell and Stephen Powell, and “others”.