May 21, 2024

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S&P 500 rises with support from huge stocks, Twitter rush

S&P 500 rises with support from huge stocks, Twitter rush

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 4, 2022. REUTERS/Brendan McDermid

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  • Technology, growth stocks lead gains
  • Twitter soared after Elon Musk revealed his 9.2% stake
  • Starbucks declines amid plan to halt share buybacks

APRIL 4 (Reuters) – The benchmark S&P 500 Index (.SPX) It surged on Monday, boosted by tech giants, growth stocks and a rally on Twitter after Elon Musk revealed his stake in the company, amid warning signs in the bond market and talk of more sanctions against Russia over Ukraine.

Defensive sectors, such as utilities (.SPLRCU) and health care (.SPXHC)backward.

Twitter shares rose after Tesla Inc (TSLA.O) CEO Musk revealed a 9.2% stake in the microblogging site, making him its largest shareholder. Shares of other social media companies also rose. Read more

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Tesla shares rose after the company on Saturday reported record first-quarter electric vehicle deliveries. Read more

“A lot of the news we’re seeing today is generally positive for technology,” said Mona Mahajan, chief investment analyst at Edward Jones.

According to preliminary data, the S&P 500 . index (.SPX) It rose 37.18 points, or 0.82%, to close at 4,583.13 points, while the Nasdaq Composite Index rose (nineteenth) It rose 271.77 points, or 1.91%, to 14533.27. Dow Jones Industrial Average (.DJI) It rose 108.18 points, or 0.31%, to 34,926.45 points.

Besides Tesla, gains in Apple (AAPL.O) Inc (AMZN.O) and Microsoft Corporation (MSFT.O) It gave reinforcements to the S&P 500 index.

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In the bond market, the US 10-year Treasury yield rose on Monday and the 2-year/10-year yield curve remained inverted. The inversion of the curve is seen as a harbinger of a recession in the next two years or so.

“It all talks about an inverted yield curve and what that might predict in terms of a potential economic slowdown, which puts a premium on growth stocks again,” said Chuck Carlson, CEO of Horizon Investment Services in Hammond, Indiana.

Stocks have rebounded in recent weeks after a rough start to the year amid concerns the Federal Reserve will tighten monetary policy to combat inflation and the war in Ukraine.

Investors remained concerned about the Ukraine crisis, which has driven up commodity prices and exacerbated expectations of already high inflation.

Global outrage spread on Monday after civilians were killed in northern Ukraine, as a mass grave and bullet-ridden bodies were found at close range in a town wrested from Russian forces. The deaths are likely to prompt the United States and Europe to impose additional sanctions on Moscow. Read more

In company news, Starbucks Corp. (SBUX.O) It fell after former CEO Howard Schultz announced the suspension of the company’s share buyback program. Read more

Shares of Chinese companies listed in the United States such as Alibaba jumped after China proposed to review confidentiality rules related to overseas listings. Read more

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Additional reporting by Louis Krauskopf in New York, Bansari Mayor Kamdar and Praveen Paramasivam in Bengaluru; Editing by Shunak Dasgupta and Richard Chang

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Our criteria: Thomson Reuters Trust Principles.