The stock market gained Monday morning after a relatively calm weekend as Treasury yields gained. The Dow Jones Industrial Average led the market, and financial stocks led sectors.
The Nasdaq composite gained 1.1%. The S&P 500 was up 1.7%. The Dow rose 2.1%, leading the major indexes.
Last week, the S&P 500 and Nasdaq finished down for their seventh straight weekly loss. The Dow Jones index closed down last week for its eighth straight losing week. The S&P flirted with levels last week that would have closed it at least 20% below its January peak — which would be the traditional definition of a bear market.
The small-cap Russell 2000 index gained 1.3% Monday morning.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31925.24 | +663.34 | +2.12 |
| S&P 500 | (0S&P5) | 3967.39 | +66.03 | +1.69 |
| Nasdaq | (0NDQC ) | 11480.15 | +125.53 | +1.11 |
| Russell 2000 | 178.38 | +2.30 | +1.31 | |
| IBD 50 | 30.60 | +0.68 | +2.27 | |
Last Update: 11:56 AM ET 5/23/2022 |
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Volume rose on the Nasdaq but fell on the NYSE compared with the same time on Friday.
Europe And Asia Stocks Boost Gains In U.S. Stock Market
European stock markets mostly gained on Monday, with the London FTSE Index up 1.5% and the German DAX gaining 1.1% and Paris CAC 40 up 0.8%. Asian markets were mixed with Japan's Nikkei 225 up 1% and the Hong Kong Hang Seng Index down 1.2%.
President Joe Biden and leaders from the Indo-Pacific region endorsed a new economic platform on Monday that focuses on issues such as supply chains, clean energy and digital rules, and which is meant in part to counter China's influence on global trade.
The Financial Select Sector SPDR ETF led S&P sectors Monday morning, gaining 3.5%. JPMorgan Chase, Bank of America and Citigroup all gained more than 6%.
The Energy Select SPDR ETF gained 2.3%.
VMware surged 17% Monday morning after a Bloomberg report said Broadcom is in talks to acquire the cloud service provider. Broadcom shares fell 1.5% in response.
Zoom Video Falls In Advance Of Earnings
Zoom Video stock fell 1.3% in advance of earnings due out later today. Analysts expect 87 cents a share earnings on sales of $1.07 billion. Zoom shares are down from a peak of 559 in October 2020 during the height of the pandemic.
Tesla dipped 0.2% as the company continued to face production delays from its Shanghai plant. But the company aims to resume full production at Shanghai Tuesday, Reuters reported Monday, citing a company memo.
The price of U.S. crude oil was down slightly at $110.24 a barrel.
The yield on the 10-year Treasury note gained 7 basis points to 2.86%.
Shipping stocks gained sharply, with ZIM Shipping, Eagle Bulk Shipping and Genko Shipping & Trading all gaining more than 5%. ZIM and Eagle are both members of the IBD 50.
ZIM stock has risen for the past three days in a row and has reclaimed its 50-day line. Shares are attempting to climb the right side of a 39%-deep cup base, which shows a buy point at 79.05. ZIM stock could be building a handle.
Coal stocks also gained, with Alpha Metallurgical gaining 10% and Arch Resources up 7%.
The Innovator IBD 50 ETF gained 1.9%, driven higher by shipping, oil and coal stocks.
Follow Michael Molinski on Twitter @IMmolinski
