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Business

Stock market's tech-related sector heads higher than Facebook's shares lead the way




  • Facebook's stock 3% rise leads the market to modest gains in early action
  • Empire State New York manufacturing survey drops by the most ever
  • A reading of U.S. home-builder confidence falls
  • Sotheby's shares jump nearly 60% after report says auction house is set to be taken private

U.S. stocks headed higher Monday morning, led by gains in shares of Facebook and Netflix, amid a broad advance in tech-related shares and the communication services sector.

How are major indexes faring?

The Dow Jones Industrial Average

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     DJIA, + 0.19%

rose 20 points, or less than 0.1%, to 26.112, while S&P 500 index

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     SPX, + 0.26%

gained 6 points, or 0.2%, to 2,892, with the information technology sector

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     XLK, + 0.40%

gaining 0.5% and the communication services sector

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     XLC, + 1.12%

or which Netflix and Facebook are members, rising 0.8%. Meanwhile, the Nasdaq Composite Index

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     COMP, + 0.77%

added 57 points, or 0.8%, two 7.856.

On Friday, the Dow fell 17.16 points, or 0.1%, two than that of 26.089.61, while the S&P 500 declined 4.66 points, or 0.2%, to 2,886.98. The tech-laden Nasdaq Composite Index shed 40.47 points, or 0.5%, to close at 7,796.66.

What's driving the market?

The Federal Reserve will be the focus this week, with a two-day meeting kicking off Tuesday . Markets have been pricing in more than two interest rate reductions this year, on fears of the fallout from global trade tensions and a slowdown in the economy. Investors want to see if the expectations match up to what the Fed is thinking, though no move on interest rates is expected at this week's meeting.

A survey of manufacturing activity in the New York state area showed its largest-ever drop into negative territory in June. The Empire State manufacturing index plummeted 26.4 points to negative 8.6 in June, the New York Fed said Monday, marking a record decline. Economists had expected a reading of positive 10, according to a survey by Econoday.

Any reading below zero indicates a contraction in activity. The last time the index was negative was in October 2016.

Read: Five things to watch in the pivotal Fed meeting

Still, there is a possibility that investors could be disappointed looking for a near-term interest rate cut, given recent other data is just screaming out for a pre-emptive rate cut.

A reading from the National Association of Home Builders survey for June showed that home-builder confidence Fall two points to 64 in June, missing economists' consensus forecast of a one-point increase. Any reading over 50 signals improvement.

As for global trade, Secretary Wilbur Ross's trading down the likelihood of a major deal at the Group of 20 summit later this month, if President Donald Trump and China President Xi Jinping measures. The mostly outcome will be an agreement for the U.S. And China to keep talking, he told The Wall Street Journal in an interview.

Which stocks are in focus? Shares or Orgenesis Inc. ORGS, [4.45%] + 4.90% were in focus after the U.S. Food and Drug Administration granted Orphan Drug Designation to the company's Autologous Insulin Producing Cells as a cell replacement therapy for the treatment of severe hypoglycemia-prone diabetes resulting from total pancreatectomy, caused by chronic pancreatitis.

.

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     ARRY, + 56.30%

rocketed toward a record Monday, after the biopharmaceutical company focused on developing cancer treatments agreed to be acquired by Pfizer Inc.

PFE, -0.12 %

in a deal valued at $ 11.4 billion.

Chewy Inc . 'S stock

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     CHWY, -4.74%

remained in focus after the online pet retailer on Friday made its debut as a publicly traded company, soaring nearly 60%. Shares of Chewy were down 2.3% in early trade

Auction house Sotheby's

BID, + 57.55%

announced a deal to be acquired by BidFair USA, which is owned by telecom and Patrick Drahi, media entrepreneur and art collector, valued at $ 3.7 trillion. Shares of the company were up 57%.

Dish Network Corp . shares

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     DISH, + 2.76%

jumped on the heels of reports that it is the leading bidder to buy assets that wireless carriers T-Mobile US Inc .

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                    TMUS, + 0.45%

and Sprint Corp .

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     S, + 0.71%

would have to shed for merger approval.

Facebook Inc. 's shares

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     FB, + 3.23%

were gaining as the social media company was reportedly set to rollout its foray into cryptocurrencies, Libra coin, as early as Tuesday.

What are the strategists and analysts saying?

"The past few days have little to no real progress for bulls, and at Friday's close, S&P was less than half a point away from prices on Monday. This coming week brings about the much anticipated June [Federal Open Market Committee] meeting, and while a lowering of rates has not been priced in by the market for Tuesday, such a move is expected by July, and failure to do so would be a surprise to markets (based on current positioning), ”said Mark Newton, technical analyst at Newton Advisors, in a research note.

The yield on the 10-year U.S. Treasury note

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     TMUBMUSD10Y, + 0.66%

rose 0.6% to 2.107%.

Asian markets closed mixed, with Hong Kong's Hang Seng Index

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     HSI, + 0.40%

rising 0.4% and China's Shanghai Composite Index

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     SHCOMP, + 0.20%

inching up 0.2%. Japan's Nikkei 225

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     NIK, + 0.03%

was flat, while in Europe, the Stoxx Europe 600

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     + 0.04%

was SXXP, . Gold futures

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     GCN19, -0.24%

eased 0.4% to $ 1.338.30 an ounce and the U.S. dollar

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     DXY, -0.19%

also slipped against a basket of its peers. West Texas Intermediate Crude

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     CLN19, -0.23%

eased 0.6% to $ 52.18 a barrel.



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