US close: Stocks bounce back from dire week

Wall Street experienced a bounce-back on Monday, with stocks closing notably higher following their most challenging week since March.

The Dow Jones Industrial Average saw an uptick of 1.16%, closing at 35,473.13 points, while the S&P 500 advanced by 0.9% to settle at 4,518.44.

By the closing bell the tech-heavy Nasdaq Composite wasn't far behind, climbing 0.61% to end the day at 13,994.40.

Minor fluctuations were meanwhile seen in currency markets, with the dollar last up by a marginal 0.01% on sterling, trading at 78.23p.

It slightly depreciated against the euro by 0.02%, to 90.87 euro cents, while it declined 0.01% on the yen, changing hands at JPY 142.48.

“After a late sell-off on Friday, US markets managed to open higher,” said CMC Markets chief market analyst Michael Hewson.

“The main focus this week [will be] on the latest inflation numbers for July due later in the week, in the wake of what was a reasonably solid jobs report on Friday.”

Fed governor signals potential further hikes; June's consumer credit surpasses expectations

Focus on Monday landed with Federal Reserve governor Michel Bowman, who indicated a likelihood of additional interest rate hikes going forward.

The aim of the potential hikes would be to realign inflation with the central bank's 2% target.

Bowman reiterated her stance from a previous meeting over the weekend, emphasising her attention towards evident price growth aligned with the target.

Moreover, she highlighted her intent to monitor signs of declining consumption and a potential easing in the job market.

In other economic news, consumer credit data unveiled that borrowing in June exceeded expectations.

American consumers borrowed a significant $17.85bn more in June, overshadowing the anticipated $13bn consensus rise in credit.

Market participants were now setting their sights on the forthcoming July consumer price index, scheduled for release on Thursday 10 June.

Key moves in Tesla, Campbell Soup and Berkshire Hathaway

In equity markets, shares of electric car giant Tesla dipped 0.95%, in the wake of an announcement that the company's chief financial officer Zach Kirkhorn had decided to step down.

Kirkhorn would be the second CFO to resign from the position in just over four years, although he had been associated with Tesla since 2010.

Elsewhere, food conglomerate Campbell Soup Company fell 1.79% after it announced the acquisition of Sovos Brands, in a deal carrying an enterprise value of $2.7bn.

On the upside, Warren Buffett’s Berkshire Hathaway saw its Class A shares jump 3.43% after it reported a shift to profitability in the second quarter over the weekend, primarily driven by returns from its investment portfolio and gains in its insurance holdings.

Reporting by Josh White for Sharecast.com.

Dow Jones - Risers

Amgen Inc. (AMGN) $252.94 3.97%
Boeing Co. (BA) $238.25 2.98%
Johnson & Johnson (JNJ) $173.10 2.40%
Caterpillar Inc. (CAT) $281.65 1.88%
Dow Chemical Co. (DOW) $55.52 1.85%
Unitedhealth Group Inc. (UNH) $510.74 1.59%
Nike Inc. (NKE) $110.48 1.53%
McDonald's Corp. (MCD) $291.40 1.53%
Walmart Inc. (WMT) $160.49 1.36%
International Business Machines Corporation (CDI) (IBM) $146.18 1.34%

Dow Jones - Fallers

Apple Inc. (AAPL) $178.85 -1.73%
Verizon Communications Inc. (VZ) $32.53 -0.28%
3M Co. (MMM) $105.24 -0.27%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walgreens Boots Alliance, Inc. (WBA) $29.90 0.07%
Intel Corp. (INTC) $35.23 0.26%
Chevron Corp. (CVX) $159.89 0.36%
JP Morgan Chase & Co. (JPM) $156.74 0.47%
Walt Disney Co. (DIS) $86.83 0.61%
Goldman Sachs Group Inc. (GS) $355.56 0.66%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $1.02 91.51%
Monster Beverage Corp (MNST) $58.55 6.13%
Booking Holdings Inc. (BKNG) $3,243.01 5.87%
Carnival Corp. (CCL) $18.04 5.13%
Gen Digital Inc. (GEN) $21.12 5.07%
CenturyLink Inc. (LUMN) $1.75 4.82%
United Rentals Inc. (URI) $486.32 4.45%
Extra Space Storage (EXR) $131.10 4.30%
Expedia Group Inc. (EXPE) $107.49 4.17%
Resmed Inc. (RMD) $186.67 4.14%

S&P 500 - Fallers

Fiserv Inc. (FI) $0.00 -100.00%
Harley-Davidson Inc. (HOG) $35.59 -5.22%
Fluor Corp. (FLR) $34.24 -4.73%
Tyson Foods Inc. (TSN) $54.30 -3.83%
Henry Schein Inc. (HSIC) $75.89 -2.84%
Nordstrom Inc. (JWN) $22.11 -2.60%
Pinnacle West Capital Corp. (PNW) $76.62 -2.49%
Hanesbrands Inc. (HBI) $5.21 -2.25%
Under Armour, Inc. (UA) $7.06 -1.94%
Campbell Soup Co. (CPB) $44.34 -1.79%

Nasdaq 100 - Risers

Monster Beverage Corp (MNST) $58.55 6.13%
Booking Holdings Inc. (BKNG) $3,243.01 5.87%
Gen Digital Inc. (GEN) $21.12 5.07%
Mercadolibre Inc. (MELI) $1,358.81 4.83%
Expedia Group Inc. (EXPE) $107.49 4.17%
Amgen Inc. (AMGN) $252.94 3.97%
Applied Materials Inc. (AMAT) $150.38 3.24%
Alphabet Inc. Class A (GOOGL) $131.53 2.67%
Paypal Holdings Inc (PYPL) $64.42 2.66%
Alphabet Inc. Class C (GOOG) $131.94 2.65%

Nasdaq 100 - Fallers

Fiserv Inc. (FI) $0.00 -100.00%
Henry Schein Inc. (HSIC) $75.89 -2.84%
Qurate Retail Inc. (QRTEA) $0.91 -1.91%
QUALCOMM Inc. (QCOM) $119.34 -1.78%
Apple Inc. (AAPL) $178.85 -1.73%
Tesla Inc (TSLA) $251.45 -0.95%
Baidu Inc. (BIDU) $147.00 -0.85%
Biomarin Pharmaceutical Inc. (BMRN) $87.83 -0.80%
Kraft Heinz Co. (KHC) $35.00 -0.79%
Micron Technology Inc. (MU) $69.38 -0.76%