The main stock indexes on the New York Stock Exchange ended the first trading session of the week into the green ahead of the two-day meeting of the Federal Reserve, which will begin on Tuesday.
The blue-chip index Dow Jones Industrial Average added 29.23 points, or 0.11%, ending the day at 26,118.84 points. The broader index S&P 500 has advanced by 0.10% to 2,890.01 points. The technology benchmark Nasdaq Composite rose by 48.06 points, or 0.62%, to 7,844.72 points.
The S&P banks index, which tends to benefit from a rising interest rate environment, dipped 0.36%, while the broader S&P 500 financial sector edged down 0.40%.
The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 0.46% to 15.35.
The US Federal Reserve will begin its monetary policy meeting on Tuesday, with expectations to keep the central bank policy, but investors will still be watching closely for a possible fall in key interest rates in July and later this year. The Fed is expected to announce its decision on Wednesday evening, when the Central Bank governor Jerome Powell’s press conference will be held.
Meanwhile, a reading from the National Association of Home Builders survey for June showed that home-builder confidence fell two points to 64 in June, missing economists’ consensus forecast of a one-point increase. Any reading over 50 signals improvement.
The Office of the US Trade Representative is holding seven days of public hearings on the Trump administration’s proposal to raise a 25% levy on 300 billion USD of Chinese exports, including consumer goods such as mobile phones and laptops.
On the bond markets, yields on 10-year and 30-year US Government Securities fell to 2.087% and 2.577%, respectively.
Corporate stocks performance
Facebook and Netflix grew by 3.8% and 3.2% respectively, while Amazon rose by 1%. Shares of Alphabet and Apple rose by 0.7%.
The shares of auction house Sotheby rose by nearly 60% after it became clear that Franco-Israeli cable magnate Patrick Drahi to acquire the auction house out of the stock market from his company BidFair USA. Patrick Drahi’s wealth is estimated at 7.7 billion USD, with the Frenchman owning 60% of the media corporation Altice. The value of the acquisition deal is 3.7 billion USD.
The stocks of Boeing Co were performing particularly strong, rising by 2.22%. Boeing records zero new plane orders, as Paris Air Show starts slow, but the company’s CEO Dennis Muilenburg admitted that this air show would not be about orders, but instead be an opportunity for his company to reassure customers and suppliers that Boeing is making progress getting the grounded 737 Max back in the air.
Among blue-chips, Cisco Systems Inc added 1.19% and Exxon Mobil Corp was up 0.98%.
Dish Network Corp shares rose by 3.9% on reports that it is a leading bidder to buy assets that wireless carriers T-Mobile US Inc and Sprint Corp would have to shed for merger approval.
Array Biopharma Inc surged 56.6% after Pfizer Inc agreed to buy the drugmaker for 10.64 billion USD to beef up its cancer portfolio. Pfizer was mostly unchanged.
Chewy Inc’s stock fell by 3.7% after the online pet retailer on Friday made its debut as a publicly traded company, soaring nearly 60%.
The stocks of the solar energy company Real Goods Solar rose by 5.5% amid strong earnings report and positive guidance.
The top performers on the S&P 500 were Incyte Corporation (+5.31%), Keurig Dr Pepper Inc (+4.89%) and Facebook Inc (+4.24%), while on the flipside were Align Technology Inc (-5.57%), Tyson Foods Inc (-4.13%) and Ecolab Inc (-4.06%).