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Julie Young
Julie Young
Articles (1594) 

US Indexes Close With Gains Monday

Nasdaq up 1.47%

The Dow Jones Industrial Average closed at 26,664.40 on Monday with a gain of 236.08 points or 0.89%. The S&P 500 closed at 3,294.61for a gain of 23.49 points or 0.72%. The Nasdaq Composite closed at 10,902.80 for a gain of 157.52 points or 1.47%. The VIX Volatility Index was higher at 24.53 for a gain of 0.070 points or 0.29%.

Monday’s market movers

U.S. indexes closed higher Monday. Last week’s tech stocks earnings release rally fueled gains across the tech sector. FAANG stocks had the following returns for the day:

In the Nasdaq Biotech Index, the following stocks led gains:

Despite the day’s gains, several market detractors still exist. Friday will bring the release of the July employment report. Economists are expecting the unemployment rate to decrease slightly to 10.5%. A big deviation from expectations could cause problems, particularly when paired with the 32% decrease in second-quarter gross domestic product. Investors are also continuing to watch negotiations on Capital Hill for another round of Covid-19 relief legislations, but little significant progress has yet to be made.

Economic reports affecting market trading included the following:

  • The Markit Manufacturing PMI increased to 50.9 in July from 49.8.
  • The ISM Manufacturing PMI increased to 54.2 in July from 52.6. Separately, the ISM Manufacturing Prices Index increased to 53.2 from 51.3, the ISM Manufacturing New Orders Index increased to 61.5 from 56.4 and the ISM Manufacturing Employment Index increased to 44.3 from 42.1.
  • Construction spending decreased 0.7% in June following a decrease of 1.7%.
  • The Treasury held auctions for three-month bills at a rate of 0.100% and six-month bills at a rate of 0.105%.

Across sectors, biotech and semiconductors led gains. In the S&P 100, the following stocks led gains:

  • Microsoft (MSFT) +5.88% on talks for acquisition of TikTok
  • Qualcomm (QCOM) +3.77%
  • NVIDIA (NVDA) +3.73%
  • Schlumberger (SLB) +3.2%
  • Gilead Sciences (GILD) +3.16%
  • General Motors (GM) +3.01%
  • Merck (MRK) +2.87%
  • Boeing (BA) +2.7%
  • Apple  +2.4%
  • Netflix +1.99%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,506.80 for a gain of 26.38 points or 1.78%. The S&P 600 closed at 876.19 for a gain of 10.81 points or 1.25%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,699.47 for a gain of 213.44 points or 2.04%. The Dow Jones U.S. Small-Cap Value Index closed at 7,010.47 for a gain of 57.68 points or 0.83%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,884.55 for a gain of 20.64 points or 1.11%; the S&P 100 at 1,519.44 for a gain of 14.51 points or 0.96%; the Nasdaq 100 at 11,055.08 for a gain of 149.20 points or 1.37%; the Russell 3000 at 1,926.54 for a gain of 16.65 points or 0.87%; the Russell 1000 at 1,830.85 for a gain of 14.86 points or 0.82%; the Wilshire 5000 at 33,653.60 for a gain of 281.60 points or 0.84%; and the Dow Jones U.S. Select Dividend Index at 592.75 for a loss of 0.62 points or -0.10%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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