U.S. indices rallied into Monday's close as stocks recovered following Friday's weakness. Federal Reserve rate hike concerns, the Russia-Ukraine conflict, China COVID cases and earnings have pressured markets in recent sessions.
The ISM manufacturing PMI dropped for a second straight month to 55.4 in April from 57.1 in March. Analysts were expecting a reading of 57.6.
A closed meeting of the Board of Governors of the Federal Reserve System will take place Tuesday morning. A rate hike of 50 basis points is possible for May as the Fed has indicated it may move quicker on rate hikes to curb inflation.
- The Nasdaq composite finished higher by 1.63% to 12,536; The Invesco QQQ Trust Series 1 (NASDAQ:QQQ) gained 1.67% to $318.48
- The S&P 500 traded higher by 0.57% to 4,155; The SPDR S&P 500 ETF Trust (NASDAQ:SPY) gained 0.60% to $414.48
- The Dow Jones composite finished higher by 0.05% to 11,300; The SPDR Dow Jones Industrial Average ETF Trust (NASDAQ:DIA) finished higher by 0.32% at $330.74
Here are the day's winners and losers from the Dow Jones, according to data from Benzinga Pro.
Intel Corporation (NASDAQ:INTC), Chevron Corporation (NYSE:CVX) and Honeywell International Inc (NASDAQ:HON) were among the top gainers for the DIA.
American Express Company (NYSE:AXP), Coca-Cola Co (NYSE:KO) and UnitedHealth Group Inc (NYSE:UNH) were among the top losers for the Dow Jones.
Elsewhere On The Street
The SPY may have broken an important support level. There’s a chance it rallies back above it, but there will also be a signal that may indicate it will keep going lower… Read More
Unconfirmed reports are surfacing that Russian President Vladimir Putin is preparing to undergo cancer surgery and will temporarily transfer his authority to Nikolai Patrushev… Read More
Amid recent volatility in the FAANG names, Virtus Investment Partners' Joe Terranova is shaking up his portfolio…Read More
