Wall Street Live: S&P 500, Nasdaq, Dow Jones extend gains after Canada removes tax on US tech firms | Stock Market News
US stock indices gained on Monday, after Canada rescinded a tax on American tech firms in a move to boost trade talk prospects with the US.
On Sunday, Canada removed the tax after US President Donald Trump on Friday abruptly called off trade talks with the neighbouring nation.
As of 1:06 PM Eastern time, the S&P 500 was 0.2% higher, the Dow Jones Industrial Average was up 0.4%, and the Nasdaq Composite was 0.2% higher.
As of 11:40 am Eastern time, the S&P 500 was 0.3% higher, the Dow Jones Industrial Average surged 0.5%, and the Nasdaq Composite rose 0.3%.
About 10 minutes into trading, the S&P 500 climbed 0.3% to 6,188.95, while the Nasdaq Composite added 0.3% at 20,328.90. The Dow Jones Industrial Average advanced 0.4% to 43,988.18.
In the bond market, the yield on the 10-year Treasury slipped to 4.26% from 4.29% late on Friday.
Gainers and Losers
Moderna shares jumped 4.8% after announcing positive results from a phase three clinical trial for a vaccine for seasonal influenza.
cloud-services-deal-expects-over-30-billion-in-revenue-11751295160925.html” data-vars-page-type=”story” data-vars-link-type=”Manual”>Oracle stock surged 4.8% after the tech giant said it signed multiple large cloud services agreements, including one that could contribute over $30 billion in annual revenue two fiscal years from now.
Bank stocks rose with JPMorgan Chase gaining 1.8%, Wells Fargo adding 1.5% and Citigroup rising 1.1%.
Hewlett Packard Enterprise shares rallied 13.7% and Juniper Networks climbed 8.4% after saying they had reached an agreement with the US Department of Justice that could clear the way for their merger, subject to court approval.
Bullion
Gold prices edged higher on Monday on a weaker US dollar.
Spot gold rose 0.5% at $3,287.64 per ounce as of 1047 AM EDT (1447 GMT). US gold futures added 0.4% at $3,299.40.
Spot silver was flat at $35.97 per ounce, while platinum eased 0.5% to $1,332.05, and palladium dropped 2.1% to $1,109.78.
Oil prices fell on Monday on easing Middle East tensions.
Brent crude futures edged down by 19 cents, or 0.3%, to $67.58 a barrel at 10:01 AM EDT (1501 GMT). The more active September contract lost 34 cents at $66.46. US West Texas Intermediate crude was down 62 cents, or 1%, at $64.90 a barrel.
