Hi-Tech

Wall Street bounces higher as chip stocks gain

Wall Street bounces higher as chip stocks gain

Emboldened by signs of limited wage inflation, watered-down trade tariffs and a warmer relationship between the USA and North Korea, Wall Street's major averages were briefly trading higher, led by gains in component stocks Apple (AAPL) and Goldman Sachs (GS), both of which set record highs at the open.

Boeing and other industrial companies fell Monday, giving back some of the ground they won late last week.

"Even as the markets are looking fairly positive in general, especially south of the border, it's really a very narrowly-focused group of technology stocks that are carrying nearly all of the gains". Stocks are coming off their biggest gain in a month following a monthly jobs report that showed strong hiring and moderate growth in wages. The S&P climbed 1.7 percent and the Dow and Nasdaq composite gained 1.8 percent. On Wall Street, futures for the Dow Jones industrial average and the Standard & Poor's 500 index rose 0.5 percent.

The Shanghai Composite Index rose 0.8 percent to 3,332.59 and Tokyo's Nikkei 225 surged 1.6 percent to 21,802.12. The Russell 2000 index of smaller-company stocks was unchanged at 1,596. Rapid gains in technology stocks have already powered the Nasdaq back to its record levels. Wall Street anxious that that might be the start of faster inflation.

ALL EYES ON TECH: Optical communications company Oclaro surged after it agreed to be bought by optical networking company Lumentum Holdings.

U.S. Producer Inflation is expected to rise slightly by 0.1%, down from the previously reported 0.4%.




Late Friday the Wall Street Journal reported that Intel might try to buy rival Broadcom.

Traders should also watch for volatility because the CPI inflation data could be bullish for stocks, but trade war news could be bullish. It could also attempt a smaller deal.

Shares of companies such as Boeing Co, down 2.6 per cent, and Caterpillar Inc, down 2.3 per cent, have been under pressure as Trump's protectionist stance on steel and aluminum imports could increase costs and hamper sales overseas.

Advancing issues outnumbered declining ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.45-to-1 ratio favored advancers.

DOWN INDUSTRIALS: Industrial companies like aerospace and defense firms fell after a big gain on Friday. Natural gas was up $0.06 to $2.80 per 1 million BTU. Construction equipment maker Caterpillar dipped $2.36, or 1.56 percent, to $155.89.

Goldman Sachs gained 1.1 per cent after announcing that co-president Harvey Schwartz would retire, leaving David Solomon the sole president and next in line to become the investment bank's next chief executive. Blankfein is reportedly set to step down later this year.


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