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Key Takeaways
- U.S. equities rallied back from last week’s selloff at midday as investors put more money into blue chip stocks.
- Boeing led the Dow higher after reaching an agreement with the union representing machinists and aerospace workers.
- Alphabet shares lost ground as the government filed another antitrust lawsuit against the tech giant’s Google search engine.
U.S. equities bounced back from last week’s selloff at midday Monday, as investors poured money into blue chip stocks. The Dow, S&P 500, and Nasdaq all advanced more than 1%.
Twenty-six of the 30 stocks in the Dow were higher, led by Boeing (BA) after the plane maker struck a contract agreement with the International Association of Machinists and Aerospace Workers union.
Shares of Palantir Technologies (PLTR), Dell Technologies (DELL), and Erie Indemnity (ERIE) rose on word that they were being added to the S&P 500 Index beginning prior to the market open on September 23.
U.S. Steel (X) shares gained as JPMorgan upgraded the stock, saying shares were attractive after the recent decline over concerns the merger with Nippon Steel might be blocked by regulators.
Merck (MRK) shares fell when Summit Therapeutics (SMMT) reported positive results from a Phase 3 trial of a lung cancer drug that could rival Merck’s Keytruda. Summit Therapeutics shares soared to a record high.
Shares of Alphabet (GOOGL) declined as the company’s Google search business faced a second antitrust lawsuit, this time over accusations of manipulating digital advertising.
Oil and gold futures gained. The yield on the 10-year Treasury note was little changed. The U.S. dollar was higher versus the euro, pound, and yen. Prices for most major cryptocurrencies were up.
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