BMO Capital Markets chief strategist Brian Belski argues current market dips are normal.
U.S. equity markets rallied Monday as investors were on the hunt for bargains after a fourth straight week of losses.
Energy and financials helped the S&P 500 lock in gains of over 1.6%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3351.6 | +53.14 | +1.61% |
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | 24.05 | +0.56 | +2.38% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 30.89 | +0.71 | +2.35% |
The Dow Jones Industrial Average gained 410 points or 1.5%, helped by Chevron and Microsoft.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 27584.06 | +410.10 | +1.51% |
| CVX | CHEVRON CORP. | 73.93 | +2.10 | +2.92% |
| MSFT | MICROSOFT CORP. | 209.44 | +1.62 | +0.78% |
Semiconductors and biotech names, along with the popular large-cap tech stocks, including Apple and Amazon, lifted the Nasdaq Composite 1.9%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 11117.525026 | +203.96 | +1.87% |
| BIIB | BIOGEN INC. | 282.04 | +8.76 | +3.20% |
| XLNX | XILINX INC. | 103.80 | +3.45 | +3.44% |
| AAPL | APPLE INC. | 114.96 | +2.68 | +2.39% |
| AMZN | AMAZON.COM INC. | 3,174.05 | +78.92 | +2.55% |
CHEAP DOLLAR WON’T REVIVE NYC REAL ESTATE MARKET ANYTIME SOON
The e-commerce giant will hold its Amazon Prime Day on Oct. 13-14. The annual event, which is typically held in July, was postponed due to COVID-19.
In other news, United Airlines rose after the pilots union and the carrier agreed to a deal that will avoid furloughs for the time being.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HLDG. | 35.94 | +1.74 | +5.09% |
In deal news, Cleveland-Cliffs Inc. agreed to buy ArcelorMittal SA’s U.S. business for $1.4 billion in cash and stock.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CLF | CLEVELAND-CLIFFS INC. | 6.56 | +0.68 | +11.56% |
Caesar’s Entertainment Inc. made a 2.9 billion British pound ($3.7 billion) offer for U.K. betting company William Hill. The offer, which was at a 25% premium to where William Hill shares closed on Friday, rivaled a separate proposal from Apollo Global Management Inc.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CZR | CAESARS ENTERTAINMENT | 58.21 | +1.14 | +2.00% |
Devon Energy Corp. and WPX Energy Inc. are discussing a $6 billion merger, The Wall Street Journal reports, citing people familiar with the matter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DVN | DEVON ENERGY CORPORATION | 9.80 | +0.98 | +11.11% |
| WPX | WPX ENERGY INC | 5.17 | +0.73 | +16.44% |
Elsewhere, Uber Technologies Inc. received an 18-month license from the city of London after a judge ruled the ride-hailing operator was “fit and proper” to conduct business. The company’s license was stripped for a second time last year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 35.56 | +1.10 | +3.19% |
Looking at commodities, West Texas Intermediate crude oil ticked up 35 cents to $40.60 per barrel while gold rose $15.10 to $1,872.80 an ounce.
U.S. Treasurys were modestly lower, causing the yield on the 10-year note to rise to 0.661%.
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European markets were trading higher across the board with Germany’s DAX up 3.16%, France’s CAC higher by 2.48% and Britain’s FTSE gaining 1.85%.
In Asia, Japan’s Nikkei climbed 1.32% and Hong Kong’s Hang Seng added 1.04% while China’s Shanghai Composite slipped 0.06%.