- Empire State New York drops most
- US Treasurer Confidence Declines
- Sotheby's shares jumped by nearly 60% after the report says the auction house is private
United States. stocks rose on Monday, driven by social media and entertainment shares like Facebook Inc. and Netflix Inc., while investors expect a Federal Reserve policy meeting to begin Tuesday
How do the main indexes work? 19659006] Dow Jones Industrial Average
DJIA, + 0.24%
grew 52 points, or 0.2%, to 26,141, backed by profits at Boeing Co .
BA, + 2.26%
The S & P 500 Index
SPX, + 0.29%
climbed 6 points, or 0.2%, to 2893, with social media, entertainment and energy stocks leading to profits. Composite index Nasdaq
added 62 points, or 0.8%, to 7 859.
What moves the market?
The Federal Reserve will be the focus this week with pricing the markets in more than two cuts in interest rates this year on the fears of the effects of global trade tensions and the slowdown in the economy. Investors will want to see if these expectations coincide with what the Fed thinks, although no interest rate change is expected at this week's meeting.
Read: Five things to watch in the Fed meeting
A study of manufacturing activity in the New York area showed its largest decline in negative territory in June. Production Index Empire State fell by 26.4 points to a negative 8.6 in June, a record decline. According to an Econoday study, economists have been expecting reading positive 10
Any reading below zero indicates a contraction of activity. The last time the index was negative in October 2016.
Read in the June survey of the National Housing Construction Association, showed household confidence dropped by 2 points to 64 in June, and the lack of consensus forecast by economists one increment of the point. Everything Over 50 Signs Improved
As for world trade, Trade Minister Wilbur Ross reduced the likelihood of a big bargain at the 20th group summit later this month, even if President Donald Trump and President of China Jinping meet. The most likely outcome would be an agreement for the US and China to continue talking, he said in an interview with The Wall Street Journal.
Separately, the US Trade Representative Office is holding seven-day public hearings on the Trump administration's proposal to raise a 25 percent tax on China's $ 300 billion in exports, including consumer goods such as mobile phones and laptops.
Read : Fitch cut the global economic outlook for 2020 when the trade war goes to a dead end
What analysts say?
"The last few days failed to make real progress for bulls or bears, and by the end of Friday, S & P was less than half a point on Monday's prices. The next week will lead to a long-awaited meeting in June [Federal Open Market Committee]and although prices are not valued by the market for Tuesday, such a move is expected by July, and failure to do so will be a surprise for the markets. (based on current positioning), "writes Mark Newton, Newton Advisors Technical Analyst, in a research note.
Ian Winer, a member of the Advisory Board of Drexel Hamilton, suggested that the Federal Reserve cut interest rates earlier and more aggressively than expected. due to pressure from President Trump.
"I'm sure the bumping of the forehead led to the massive face in February from the hawk to the evil one. I also do not see his comments and complaints about social media and live interviews having any impact on Powell's way of thinking, "he said. "I think that when we get closer to the election, we will hear more about it. Fed's independence is in question at this point. Especially since the president complains that He can do whatever he wants with his monetary policy. "
Which stocks are in focus? Shares appreciated by 3.1%, as the media company reportedly was set to deploy its cryptoLight, a coin for Libra, as early as Tuesday. Shares rose 1.1 percent after an analyst at Piper Jaffray predicted the video streaming company would beat America's second-quarter subscriber growth outlook.
Dish Network Corp . shares
rose 3.9% in the reports that it is the leading buyer of assets that wireless carriers T-Mobile US Inc. .
TMUS, + 0.56%
and Sprint Corp .
S, + 1.36%
would have to be cleared for merger approval.
Shares of Array BioPharma Inc. .
ARRY, + 57.01%
rose 57% after a biopharmaceutical company focused on the development of cancer treatment agreed to be acquired by Pfizer Inc.
] in a $ 11.4 billion deal.
dropped 3.2% after the online pet retailer on Friday made its debut as a publicly traded company, rising by nearly 60%.
BIDF, + 58.28%
Announces BidFair USA Property Acquisition, owned by Telecom and Media Entrepreneur and Art Collector Patrick Dray, worth 3.7 billion dollars. The shares of the company increased by 58%.
How do they trade in other markets?
Asian markets are mostly closed with the Hang Seng index
HSI, + 0.40%
grew by 0.4% and the Shanghai Shanghai Composite Index
SHCOMP, + 0.20%
rises to 0.2%. Japanese Nikkei 225
NIK, + 0.03%
was flat, while in Europe the Stoxx Europe 600
form a lower one.
West Texas Intermediate Crude
Fall, Futures of Gold
withdrawn and the US dollar
slipped against a basket of their colleagues.
– Barbara Collmaier contributes to this report