Wall Street was headed for a strong start Monday.
Angela Weiss/AFP via Getty ImagesThe Dow Jones Industrial Average was rising Monday after the House of Representatives passed a more than $1 trillion infrastructure spending bill.
In midday trading, the Dow rose 51 points, or 0.1%, after the index climbed 203 points Friday to close at 36,327. The S&P 500 was little changed, and the Nasdaq Composite gained 0.1%. All three indexes ended last week at all-time highs.
The infrastructure bill, sent to to President Joe Biden’s desk for signature, puts a collective hundreds of billions of dollar into improving the electrical grid, improving internet security and building charging stations for electric vehicles. It could also provide a small boost to economic activity.
Companies that would benefit from the spending were seeing their stocks gain. MasTec (ticker: MTZ) gained more than 7%, while Caterpillar (CAT) and Jacobs Engineering Group (J) rose 3.7% and 1.2%, respectively.
Economically-sensitive stocks, in general, were performing handsomely. Materials makers were shining particularly brightly, with the Materials Select Sector SPDR Exchange-Traded Fund (XLB) up 1.1%.
The news also sent the 10-year Treasury yield up to as high as 1.49% from a closing level of 1.45% Friday. The yield’s downward spiral Friday momentarily prompted some fear of an economic slowdown to come, so markets seem pleased to see the yield move higher again.
That’s all good for stocks for now, but Federal Reserve Vice Chair Richard Clarida said this morning that the central bank could easily lift interest rates by the end of 2022. If inflation remains relatively high, eating into consumer demand, the Fed could still raise rates. That would dent economic growth—and the stock market.
Overseas, Hong Kong’s Hang Seng Index fell 0.4% and the pan-European Stoxx 600 was little changed.
Here are eight stocks on the move Monday:
Electric-vehicle charging stocks moved higher in the wake of the House passing the infrastructure bill, which paves the way for investment in the sector. ChargePoint Holdings (CHPT) rose 11% as EVgo (EVGO) lifted 16%, Volta (VLTA) jumped 11%, and Blink Charging (BLNK) surged 12%.
Tesla (TSLA) was down 3.2% after CEO Elon Musk indicated on Twitter that he would sell a 10% stake in the company.
Trade Desk (TTD) stock popped 27% after the company reported a profit of 18 cents a share, beating analyst estimates of 15 cents a share, on sales of $301 million, above expectations for $283 million.
Krispy Kreme (DNUT) stock dropped 4.3% after getting downgraded to Hold from Buy at Truist.
Shake Shack (SHAK) stock fell 3.3% after getting downgraded to Neutral from Buy at Northcoast.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
"stock" - Google News
November 08, 2021 at 11:58PM
https://ift.tt/3qjI1Z1
Stock Market Today: Dow Heading for Record, Tesla Falls on Musk's Twitter Antics - Barron's
"stock" - Google News
https://ift.tt/37YwtPr
https://ift.tt/3b37xGF
Bagikan Berita Ini
0 Response to "Stock Market Today: Dow Heading for Record, Tesla Falls on Musk's Twitter Antics - Barron's"
Post a Comment