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Today India News US STOCKS-Wall St set to kick off big retail earnings week on high note – Reuters India

Today India News US STOCKS-Wall St set to kick off big retail earnings week on high note – Reuters IndiaToday India News

(Reuters) – The Nasdaq surged to a file high shut on Monday, whereas the S&P 500 approached its personal file degree, with each indexes lifted by Nvidia and different expertise shares.

The benchmark S&P 500 reached simply shy of its Feb. 19 intraday file high after testing that degree for a lot of final week, whereas the Dow Jones was weighed down by losses in monetary and industrial shares.

Nvidia Corp was among the many high boosts to the S&P 500 and Nasdaq for the day, surging 6.7% to a file high after two analysts raised their value targets forward of the chipmaker’s quarterly outcomes on Wednesday.

In June, the Nasdaq grew to become the primary of the main Wall Street indexes to recoup its coronavirus-induced losses as a number of of its largest constituents, together with Amazon.com Inc and Netflix Inc, benefited from curbs on social exercise.

“Tech is the only trade,” mentioned Jake Dollarhide, chief government officer of Longbow Asset Management in Tulsa, Oklahoma. “Things that were 10 years away on Feb. 18 are here now: Distance learning, seeing your doctor via Zoom, ordering pharmaceuticals via the mail.”

Lowe’s Cos Inc and Home Depot Inc every rose greater than 2% rose forward of their earnings later within the week. The two house enchancment chains are anticipated to have obtained a bump to their quarterly gross sales from customers wanting to do minor restore work whereas spending extra time at house.

The S&P 500 retailing index climbed 1.4%, with heavyweights Walmart Inc and Target Corp additionally set to report outcomes this week.

“Earnings season in general has been much better than expected, but a big part of that is because the expectation has been so low,” mentioned Willie Delwiche, funding strategist at Baird in Milwaukee.

Rackspace Technology jumped over 10% after Reuters reported Amazon is in early talks to put money into the cloud providers supplier.

As of Friday, 457 firms within the S&P 500 had posted outcomes, of which 81.4% got here in above dramatically lowered expectations, in accordance to Refinitiv knowledge.

Minutes of the Federal Reserve’s newest assembly, due on Wednesday, are anticipated to present extra perception into the central financial institution’s view of an financial restoration, whereas housing begins knowledge can be on faucet.

Caution is predicted to seep into markets forward of the November U.S. presidential vote, because the election season kicks into greater gear with the Democratic National Convention, which runs Monday by Thursday.

The Dow Jones Industrial Average fell 0.31% to finish at 27,844.91 factors, whereas the S&P 500 gained 0.27% to 3,381.99.

The Nasdaq Composite climbed 1% to 11,129.73, its fifth closing high this month. Seven of the 11 main S&P sectors rose, with expertise offering the largest assist to the S&P 500 index.

Principia Biopharma Inc surged 9.3% to a file high after French healthcare agency Sanofi SA mentioned it could purchase the corporate for about $3.7 billion.

Advancing points outnumbered declining ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.20-to-1 ratio favored advancers.

Today India News

FILE PHOTO: The entrance facade of the New York Stock Exchange (NYSE) is seen in New York City, New York, U.S., June 26, 2020. REUTERS/Brendan McDermid

The S&P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 12 new lows.

Volume on U.S. exchanges was 7.9 billion shares, in contrast with the ten.0 billion common for the complete session over the past 20 buying and selling days.

Additional reporting by Ambar Warrick and Medha Singh in Bengaluru; Editing by Cynthia Osterman

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