Stocks Shrug Off Weak Data as Big Tech Rallies
A rally in some of the world’s largest technology companies spurred a rebound in stocks, following a brief slide driven by a weaker-than-expected report on US consumer confidence.
While most major groups in the benchmark retreated on Monday, Tesla Inc. and Nvidia Corp. drove a gauge of the “Magnificent Seven” megacaps up over 1%. It was still a thin trading session at the start of a holiday-shortened week, with the S&P 500’s volume 20% below the average of the past month.
Earlier Monday, stocks lost steam momentarily after data showed US consumer confidence unexpectedly sank for the first time in three months on concerns about the outlook for the economy.
The S&P 500 added 0.3%. The Nasdaq 100 climbed 0.7%. The Dow Jones Industrial Average slid 0.3%.
Treasury 10-year yields advanced four basis points to 4.56%. The Bloomberg Dollar Spot Index rose 0.4%.
Source : Bloomberg
