US open: Technology leads early gains on Wall Street

Wall Street's main market gauges were moving higher in early trading despite another weekend of wild gyrations in Bitcoin at the weekend and with traders wary that losses might ricochet against other segments of financial markets.

Over the weekend, Bitcoin fell from $38,000 to $31,000 before bouncing back to $37,876.63 at last count.

So for now, the selling pressure was not spilling over into other asset classes, although that could change upon a clean break below $30,000, Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA, told clients.

Nonetheless, Halley also cautioned: "Once again, I reiterate, governmental/regulatory risk now represents an existential threat to the virtual currency space."

Against that backdrop, as of 1519 BST, the Dow Jones Industrials was 0.57% or 196.47 points stronger to 34,407.09, while the S&P 500 was 0.97% higher to 4,196.32.

But it was the tech-laden Nasdaq Composite that was up the most, by 1.4% to 13,660.20, led by shares of Cisco and Microsoft.

The above followed what Halley termed a "civilised" session on the previous Friday, which saw Wall Street's main market gauges finish on a slightly mixed note.

Nobel economics prize winner Robert Shiller however appeared to be a bit skeptical, telling CNBC that a "wild West" mentality had gripped investors in housing, stocks and cryptocurrencies.

Also at the weekend, China's National Development and Reform Commission warned against speculation in commodities markets, sparking an over 5% drop in steel futures and a near limit-down fall in iron ore before both later stabilised.

In equity news, Cummins said that it would partner with Iberdrola to build a €50.0m electrolyser facility in Spain.

It was a busy start to the week in capital markets as Cabot Oil and Cimarex announced an all-stock merger worth approximately $17bn.

Day One Biopharmaceuticals priced its upcoming IPO at $14-16 a share.

Singular Genomics meanwhile priced its own IPO to go at between $20-22 with the aim of raising $187m.

If successful, the flotation would value the firm at up to $1.5bn.

US President Joe Biden has reportedly trimmed the size of his proposed infrastructure package by around $500bn in a bid to garner support from Republicans.

No major economic reports were scheduled for release on Monday.

Dow Jones - Risers

Microsoft Corp. (MSFT) $249.76 1.87%
Cisco Systems Inc. (CSCO) $53.39 1.83%
Salesforce.Com Inc. (CRM) $225.40 1.27%
Intel Corp. (INTC) $56.75 1.19%
Apple Inc. (AAPL) $126.82 1.11%
Visa Inc. (V) $228.89 0.93%
American Express Co. (AXP) $158.11 0.79%
Dow Chemical Co. (DOW) $69.35 0.76%
Chevron Corp. (CVX) $104.59 0.45%
Nike Inc. (NKE) $133.22 0.42%

Dow Jones - Fallers

Johnson & Johnson (JNJ) $169.90 -0.62%
International Business Machines Corporation (CDI) (IBM) $144.43 -0.21%
Coca-Cola Co. (KO) $54.54 -0.15%
Procter & Gamble Co. (PG) $137.84 -0.12%
Walmart Inc. (WMT) $141.67 -0.06%
JP Morgan Chase & Co. (JPM) $162.65 -0.01%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Verizon Communications Inc. (VZ) $56.91 0.00%
Unitedhealth Group Inc. (UNH) $411.85 0.05%

S&P 500 - Risers

Applied Materials Inc. (AMAT) $133.31 3.61%
Lam Research Corp. (LRCX) $634.56 3.33%
Micron Technology Inc. (MU) $83.25 3.13%
Nvidia Corp. (NVDA) $617.25 2.93%
MGM Resorts International (MGM) $40.83 2.83%
Twitter Inc (TWTR) $55.96 2.77%
TripAdvisor Inc. (TRIP) $40.84 2.66%
Western Digital Corp. (WDC) $74.07 2.39%
Cadence Design Systems Inc. (CDNS) $126.35 2.34%
KLA-Tencor Corp. (KLAC) $317.35 2.32%

S&P 500 - Fallers

Cimarex Energy Co (XEC) $64.95 -8.77%
Cabot Oil & Gas Corp. (COG) $16.42 -7.83%
T. Rowe Price Group Inc. (TROW) $186.79 -2.80%
Ford Motor Co. (F) $13.11 -1.65%
Dollar General Corp (DG) $201.87 -1.55%
Baker Hughes Company Class A (BKR) $25.25 -1.12%
Discovery Inc. Class A (DISCA) $31.13 -1.08%
Carmax Inc. (KMX) $115.42 -1.08%
Prudential Fincl Inc. (PRU) $105.84 -0.99%
Ralph Lauren Corp (RL) $119.90 -0.98%

Nasdaq 100 - Risers

Applied Materials Inc. (AMAT) $133.31 3.61%
Lam Research Corp. (LRCX) $634.56 3.33%
Micron Technology Inc. (MU) $83.25 3.13%
Nvidia Corp. (NVDA) $617.25 2.93%
Western Digital Corp. (WDC) $74.07 2.39%
Cadence Design Systems Inc. (CDNS) $126.35 2.34%
KLA-Tencor Corp. (KLAC) $317.35 2.32%
Asml Holdings N.V. (ASML) $653.40 2.22%
Paypal Holdings Inc (PYPL) $255.97 2.11%
Align Technology Inc. (ALGN) $604.14 2.09%

Nasdaq 100 - Fallers

NetEase Inc. Ads (NTES) $114.34 -2.60%
Henry Schein Inc. (HSIC) $77.58 -0.93%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $313.51 -0.81%
Trip.com Group Limited (TCOM) $39.54 -0.58%
JD.com, Inc. (JD) $72.35 -0.55%
Liberty Global plc Series C (LBTYK) $27.24 -0.51%
Liberty Global plc Series A (LBTYA) $27.28 -0.51%
O'Reilly Automotive Inc. (ORLY) $542.07 -0.39%
Regeneron Pharmaceuticals Inc. (REGN) $504.96 -0.35%
Gilead Sciences Inc. (GILD) $68.56 -0.28%