Wall Street stocks traded higher early on Monday after major indices wrapped up the third quarter in the red.
As of 1510 BST, the Dow Jones Industrial Average was up 1.56% at 29,174.77, while the S&P 500 was 1.51% firmer at 3,639.75 and the Nasdaq Composite came out the gate 1.18% stronger at 10,700.43.
The Dow opened 449.26 points higher on Monday, reclaiming some losses recorded in the previous session.
After a hellish third quarter, where the Dow Jones shed 6.66%, heightened inflation and the Federal Reserve’s attempts to bring surging prices to a stop, despite what it may do to the US economy, will continue to remain at the forefront of investors’ minds going into Q4.
Also in focus, OPEC+ was said to be considering an oil output cut of over 1.0m barrels per day, marking the biggest move taken by the cartel to address weakness in global demand. West Texas Intermediate futures rose 3.21% on the news to trade at $82.04 a barrel.
On the macro front, S&P Global’s manufacturing PMI was revised higher in September to 52, up from a preliminary reading of 51.8 and above expectations for a print of 51.5.
Elsewhere, the Institute for Supply Management’s manufacturing PMI unexpectedly fell to 50.9 in September, pointing to the slowest growth in factory activity since 2020. The reading was down from 52.8 in August and short of forecasts for a print of 52.2.
Finally, US construction spending decreased 0.70% month-on-month in August, according to the Census Bureau.
No major corporate earnings were slated for release on Monday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones – Risers
Chevron Corp. (CVX) $150.22 4.56%
Caterpillar Inc. (CAT) $169.66 3.40%
Dow Chemical Co. (DOW) $45.14 2.75%
Home Depot Inc. (HD) $282.57 2.40%
Verizon Communications Inc. (VZ) $38.87 2.37%
Intel Corp. (INTC) $26.30 2.04%
Cisco Systems Inc. (CSCO) $40.67 1.69%
Microsoft Corp. (MSFT) $236.43 1.52%
Boeing Co. (BA) $122.70 1.34%
American Express Co. (AXP) $136.64 1.28%
Dow Jones – Fallers
Johnson & Johnson (JNJ) $162.73 -0.39%
Travelers Company Inc. (TRV) $153.05 -0.10%
Honeywell International Inc. (HON) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Coca-Cola Co. (KO) $56.12 0.18%
Merck & Co. Inc. (MRK) $86.36 0.28%
Walgreens Boots Alliance, Inc. (WBA) $31.56 0.51%
Procter & Gamble Co. (PG) $127.01 0.61%
Apple Inc. (AAPL) $139.17 0.70%
Amgen Inc. (AMGN) $227.01 0.71%
S&P 500 – Risers
Marathon Oil Corp. (MRO) $24.47 8.35%
Apache Corp. (APA) $36.74 7.46%
Fluor Corp. (FLR) $26.72 7.35%
Halliburton Co. (HAL) $26.41 7.27%
Devon Energy Corp. (DVN) $64.36 7.03%
Helmerich & Payne Inc. (HP) $39.43 6.65%
Schlumberger Ltd. (SLB) $38.23 6.49%
Diamondback Energy Inc. (FANG) $128.03 6.28%
Pioneer Natural Resources Co. (PXD) $229.73 6.10%
ConocoPhillips (COP) $108.15 5.68%
S&P 500 – Fallers
H&R Block Inc. (HRB) $41.21 -3.13%
Illumina Inc. (ILMN) $187.29 -1.83%
Delta Airlines Inc. (DAL) $27.58 -1.69%
Darden Restaurants Inc. (DRI) $124.41 -1.51%
TripAdvisor Inc. (TRIP) $21.75 -1.49%
Carnival Corp. (CCL) $6.93 -1.35%
Everest Re Group Ltd. (RE) $259.41 -1.15%
Chipotle Mexican Grill Inc. (CMG) $1,485.49 -1.15%
Southwest Airlines Co. (LUV) $30.51 -1.07%
United Airlines Holdings Inc (UAL) $32.19 -1.05%
Nasdaq 100 – Risers
Vodafone Group Plc ADS (VOD) $11.80 4.10%
Lam Research Corp. (LRCX) $380.21 3.88%
Regeneron Pharmaceuticals Inc. (REGN) $715.00 3.79%
Micron Technology Inc. (MU) $51.87 3.53%
Western Digital Corp. (WDC) $33.65 3.38%
Applied Materials Inc. (AMAT) $84.19 2.76%
Dish Network Corp. (DISH) $14.20 2.68%
Asml Holdings N.V. (ASML) $425.93 2.55%
T-Mobile Us, Inc. (TMUS) $137.50 2.48%
KLA-Tencor Corp. (KLAC) $310.12 2.47%
Nasdaq 100 – Fallers
Tesla Inc (TSLA) $247.35 -6.75%
JD.com, Inc. (JD) $48.53 -3.53%
Illumina Inc. (ILMN) $187.29 -1.83%
Qurate Retail Inc. (QRTEA) $1.99 -1.24%
American Airlines Group (AAL) $11.92 -1.00%
eBay Inc. (EBAY) $36.47 -0.93%
Wynn Resorts Ltd. (WYNN) $62.46 -0.90%
Expedia Group Inc. (EXPE) $93.08 -0.65%
Trip.com Group Limited (TCOM) $27.16 -0.55%
Biogen Inc (BIIB) $265.91 -0.41%
