Wall Street stocks advanced early today, keeping positive momentum from last week's strong jobs report ahead of key data releases on U.S. inflation and retail sales.
Shares of companies such as Boeing Co, down 2.9 per cent, and Caterpillar Inc, down 2.4 per cent, have been under pressure as Trump's protectionist stance on steel and aluminium imports could increase costs and hamper sales overseas. The S&P 500.SPX is just 3 percent below the record highs hit on January 26 and the Dow.DJI is 4.8 percent away from its peak.
ENERGY: Benchmark U.S. crude lost 61 cents to $61.44 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, shed 56 cents to $64.93 per barrel.
In the bond market, U.S. Treasury prices edged higher, pushing yields lower; the benchmark 10-year yield slipped 2 bps to 2.87% as a $21B 10-year note auction drew a high yield of 2.889% on a bid-to-cover of 2.50, slightly above the average of the prior 12 auctions.
USA stock index futures pointed to a higher opening for Wall Street on Monday, building on gains from last week's strong February jobs data that allayed fears of rising inflation and faster interest rate hikes.
Boeing and other industrial companies fell Monday, giving back some of the ground they won late last week.
Banks and consumer-focused stocks also slid. The S&P 600 closed at 974.13 for a gain of 3.87 points or 0.40%. The Dow Jones Industrial Average is an Index of 30 blue chip United States stocks. The Nasdaq composite gained 25 points, or 0.3 percent, to 7,586.
Gains in Apple, Amazon and chipmakers Broadcom and Micron Technology drove the S&P 500 higher. The UK's FTSE index was trading higher by 0.02 percent, while French CAC 40 Index rose 0.29 percent.
Several stocks were moving on deal news.
The S&P 500 in response is just 3 percent below record highs hit on January 26 while the Nasdaq is back to a record.
Optical communications company Oclaro soared 23 percent after agreeing to be acquired by Lumentum Holdings.
The advances followed a near 2 percent gain for the main indexes on Friday after data showed sluggish wage growth in February, easing concerns about the Federal Reserve moving too fast on interest rate hikes.
The Dow Jones industrial average climbed 116 points, or 0.5 percent, to 25,294.