Source: Sharecast
The Dow and S&P 500 rose 0.8% and 1.0% respectively, having fallen 2.5% and 2.4% over the preceding four trading sessions to hit their lowest since late November. The Nasdaq jumped 1.2% after a 2.7% drop over the past three days.
Oil prices fell back from their 2022 highs on Monday after a key UAE loading facility restarted operations following an Iranian drone attack, amid demands from the US for its allies to join a maritime coalition to protect shipping through the vital Strait of Hormuz.
WTI oil fell 4.6% to $94.22 a barrel while Brent pulled back 2.8% to $100.21 a barrel.
“It’s been a better start to the week for global markets despite continued uncertainty around the ongoing conflict in the Middle East and discussions to secure passage for global shipping through the Strait of Hormuz,” said AJ Bell's head of financial analysis Danni Hewson.
In economic data, the New York Federal Reserve's Empire State manufacturing index fell to -0.2 in March, down from 7.1 in February and well below expectations of a softer decline to 3.2.
Elsewhere, capacity utilisation stood at 76.3% in February, according to the Federal Reserve, unchanged month-on-month, while industrial production increased by 1.4% in February.
Finally, the National Association of Home Builders' housing market index ticked up to 38 in March, up from 37 in both January and December and ahead of forecasts for another reading of 37
Investors were also eyeing a string of policy announcements this week from the Reserve Bank of Australia, Bank of England, European Central Bank, Federal Reserve, Bank of Canada and the Bank of Japan.
“What investors will be keen to discover is how central banks are factoring in the anticipated rekindling of inflation and whether they see a swift resolution setting rates back on the path downwards, or if the impact of the past couple of weeks takes cuts off the table for the rest of the year," Hewson said.
Nebius jumps on AI infrastructure agreement
Nasdaq-listed Nebius shares surged 15% after the Netherlands-based AI cloud company announced a new long-term AI infrastructure supply agreement with Facebook owner Meta worth up to $27bn.
Under the five-year agreement, Nebius will provide $12bn of dedicated capacity across multiple locations, based on one of the first large-scale deployments of the Nvidia Vera Rubin platform. Nebius will deliver this capacity starting early 2027.
Meta was also in the news following a report the Facebook owner is looking to lay off around 20% of its workforce, pushing its share price higher. According to a Reuters report late on Friday, citing three sources familiar with the matter, Meta is looking to offset costly AI infrastructure bets and prepare for greater efficiency brought about by AI-assisted workers.
Dollar Tree gained after meeting consensus forecasts with its fourth-quarter results and forward guidance, with the American discount retail chain swinging to a profit to close out the financial year.
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $198.34 2.86%
Boeing Co. (BA) $213.47 1.71%
Goldman Sachs Group Inc. (GS) $794.77 1.61%
Nike Inc. (NKE) $54.79 1.50%
International Business Machines Corporation (CDI) (IBM) $249.25 1.21%
Unitedhealth Group Inc. (UNH) $285.49 1.21%
Home Depot Inc. (HD) $342.58 1.05%
Procter & Gamble Co. (PG) $152.12 0.98%
Visa Inc. (V) $310.11 0.97%
JP Morgan Chase & Co. (JPM) $286.16 0.96%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $36.00 -1.69%
Amgen Inc. (AMGN) $366.25 -1.59%
Intel Corp. (INTC) $45.76 -1.27%
Apple Inc. (AAPL) $252.82 -1.11%
Verizon Communications Inc. (VZ) $50.97 -0.80%
3M Co. (MMM) $149.95 -0.67%
Walt Disney Co. (DIS) $98.66 -0.63%
American Express Co. (AXP) $298.20 -0.59%
Microsoft Corp. (MSFT) $399.95 -0.40%
Merck & Co. Inc. (MRK) $115.43 -0.16%
S&P 500 - Risers
Norwegian Cruise Line Holdings Ltd (NCLH) $19.84 5.14%
Micron Technology Inc. (MU) $441.80 5.13%
Chipotle Mexican Grill Inc. (CMG) $34.08 4.80%
Bath & Body Works, Inc. (BBWI) $20.42 4.72%
Perrigo Company plc (PRGO) $9.72 4.52%
Western Digital Corp. (WDC) $286.21 4.39%
Mondelez International Inc. (MDLZ) $57.16 4.29%
Intuit Inc. (INTU) $452.31 4.20%
Southwest Airlines Co. (LUV) $40.23 3.82%
NetApp Inc. (NTAP) $102.24 3.82%
S&P 500 - Fallers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $516.74 -9.74%
Mosaic Company (MOS) $27.67 -5.60%
CF Industries Holdings Inc. (CF) $122.33 -5.59%
Gartner Inc. (IT) $160.25 -3.89%
Vertex Pharmaceuticals Inc. (VRTX) $466.10 -3.71%
Molson Coors Beverage Co. Class B (TAP) $42.10 -3.46%
LKQ Corporation (LKQ) $28.72 -3.22%
Mattel Inc. (MAT) $15.76 -3.08%
Akamai Technologies Inc. (AKAM) $105.44 -2.93%
Celanese Corp. (CE) $56.07 -2.89%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $441.80 5.13%
Western Digital Corp. (WDC) $286.21 4.39%
Mondelez International Inc. (MDLZ) $57.16 4.29%
Intuit Inc. (INTU) $452.31 4.20%
Mercadolibre Inc. (MELI) $1,732.33 3.51%
Verisk Analytics Inc. (VRSK) $204.74 2.85%
Seagate Technology Plc (STX) $398.78 2.82%
Idexx Laboratories Inc. (IDXX) $586.37 2.54%
Dollar Tree Inc (DLTR) $114.36 1.78%
Lam Research Corp. (LRCX) $219.40 1.73%
Nasdaq 100 - Fallers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $516.74 -9.74%
Qvc Group Inc Series A (QVCGA) $3.15 -8.70%
Baidu Inc. (BIDU) $121.80 -4.66%
Vertex Pharmaceuticals Inc. (VRTX) $466.10 -3.71%
Biomarin Pharmaceutical Inc. (BMRN) $57.43 -3.69%
Broadcom Inc. (AVGO) $324.92 -2.87%
O'Reilly Automotive Inc. (ORLY) $90.46 -2.69%
Hasbro Inc (HAS) $92.85 -2.50%
Liberty Global plc Series A (LBTYA) $12.17 -2.48%
QUALCOMM Inc. (QCOM) $129.39 -2.43%