- Tech stocks emerged as big winners in Monday’s session that kicked off the first full week of trading in April.
- Elon Musk’s sway in the markets was on display with big moves separately in shares of Twitter and Tesla.
- Investors were waiting for potential new sanctions on Russia from Europe.
US stocks climbed Monday, propelled bu gains in a number of technology shares including Twitter and Tesla, while investors waited for word from Europe about potential new sanctions against Russia for its invasion of Ukraine.
The Nasdaq Composite was the best performer among Wall Street’s big three indexes, spike nearly 2%. On the S&P 500, the communications services, consumer discretionary, and information technology sectors were the top gainers.
Tech stocks jumped into the spotlight, with Twitter soaring after Elon Musk disclosed a 9% stake in the social media company. Shares of other social media stocks rose including Meta, Snap and Match. Meanwhile, Tesla, led by Musk, rose after the electric vehicle maker over the weekend said it delivered a record-breaking 310,048 vehicles in the first quarter.
On the Nasdaq-100, shares of Pinduoduo, Baidu.com and other US-listed stocks of Chinese companies extended gains from last week. The moves were set off after a Bloomberg report suggested Beijing will grant US auditors access to the financials of Chinese companies in order to prevent future delistings.
Here’s where US indexes stood at 4:00 p.m. on Monday:
“Q2 has got off to a good start, continuing the rebound that began in the final month of Q1. The issues that dogged markets of throughout the end of 2021 and into 2022 remain with us, but once again stocks have demonstrated their remarkable ability to come storming back,” said Chris Beauchamp, chief market analyst at IG, in a note.
“The strength of Friday’s payrolls report remains a motivating factor too, even if it has also emboldened Fed policy makers to think more seriously about a 50 basis point hike next time they meet,” he said.
Stocks traded mixed early in Monday’s session after European governments suggested putting new sanctions on Russia following reports of war crimes around the Ukrainian capital Kyiv. Russian troops are accused of killing close to 300 civilians during their occupation of the Kyiv suburb of Bucha. Ukraine’s President Volodymyr Zelenskyy posted photos of dead bodies on the Telegram messaging app and called Russian troops “butchers.”
Around the markets, Morgan Stanley said the bear market rally “is over” and investors need to stay defensive with signs of slowing in the manufacturing sector of the world’s largest economy.
Jamie Dimon has warned that JPMorgan faces a loss of around $1 billion from its exposure to Russia, as global financial institutions feel the impact of the war in Ukraine.
Oil prices climbed, with a 4% leap in West Texas Intermediate crude to $103.20 per barrel. Brent crude, the international benchmark, rose 2.7% to $107.23. Oil rose
Gold rose 0.6% to $1,934.40 per ounce. The 10-year yield reversed higher, rising 2 basis points to 2.4%.
Bitcoin fell 2.5% to $45,268.73.