Hey moomooers,
Good evening. Here is the latest Market Recap for you.
Stock-market benchmarks recorded significant gains Monday, with the Dow Jones Industrial Average seeing its best day since early March, as investors focused on a strengthening economy after the Federal Reserve last week signaled it may raise rates sooner than previously expected.
The $Dow Jones Industrial Average(.DJI.US)$ jumped 586.89 points, or nearly 1.8%, to 33,876.97 to post its best day since March 5. The blue-chip benchmark rebounded from what was its worst week since October.
The $S&P 500 index(.SPX.US)$ gained 1.4% to 4,224.79, sitting within 1% from its record high after Monday’s comeback rally.
The $Nasdaq Composite Index(.IXIC.US)$ was the relative underperformer with a 0.8% gain to 14,141.48 as some key tech names including Amazon, Tesla, Nvidia and Netflix registered losses.
U.S. stock futures opened slightly higher on Monday night after the Dow Jones Industrial Average posted its best day since March.
Dow Jones Industrial Average futures rose by 25 points or 0.07%. S&P 500 and Nasdaq 100 futures climbed 0.08% and 0.01%, respectively
What drove the market?
Stocks charged higher Monday as investors focused on strengths in the U.S. economy heading into the summer months, as domestic COVID restrictions fade.
Commodity stocks that were hit hard last week led the market comeback on Monday as the S&P 500 energy sector rallied.
There was a bit of a selloff last week, with concerns about potentially higher interest rates and a more aggressive Fed. Today, it seems that maybe was overdone.
-John Carey, director of equity income at Amundi U.S.
Which stocks were in focus?
$Sanderson Farms Inc(SAFM.US)$ — The chicken producer's stock rose nearly 10% after a report said the company is exploring a sale. Sanderson is the third-largest chicken producer in the U.S. and has a market value of $3.5 billion.
$Globalstar Inc(GSAT.US)$ — The satellite communications company's stock fell 1.3% after jumping 17% during regular trading. Earlier in the day, B. Riley began coverage of Globalstar with a buy rating, saying it has "moved through the high-risk portion of its history and is now poised to start generating returns."
$Pilgrims Pride Corp(PPC.US)$ — Shares of Pilgrim's Pride rose about 1%. The company on Thursday entered an agreement to purchase the meats and meals business of Ireland’s Kerry Consumer Foods.
$Diamondback Energy Inc(FANG.US)$ — The oil company rose slightly after the bell as it looks to build on its sharp gains this year. Year to date, Diamondback Energy is up 89.1%, and it ended Monday's regular session up more than 6%. The moves come as the S&P 500 energy sector is on pace for its best year in three decades.
Source: Bloomberg, CNBC
By Mia