US: Stocks finish higher on Monday as tech shares rally

LEADING large tech companies enjoyed a strong session Monday, lifting the Nasdaq ahead of US retail sales data and earnings from large shopping chains later in the week.

Shares of Amazon, Google parent Alphabet, Netflix and Meta Platforms rose more than one per cent in the latest indication of investor appetite for such “mega cap” stocks whenever they show signs of weakness.

That helped the tech-rich Nasdaq Composite Index pile on 1.1 per cent to finish at 13,788.33.

The Dow Jones Industrial Average climbed 0.1 per cent to 35,307.63, while the broad-based S&P 500 gained 0.6 per cent to 4,489.72.

“US stocks are rebounding as some traders decide to buy the two-week dip despite rising fears over China’s property market,” said Oanda’s Edward Moya.

Among individual companies, United States Steel surged 36.8 per cent after announcing that it received an unsolicited bid from Cleveland-Cliffs to acquire the company.

US Steel has begun “a comprehensive and thorough review of strategic alternatives” after “receiving multiple unsolicited proposals” from prospective buyers of the company or some assets, said chief executive David Burritt.

Cleveland-Cliffs rose 8.8 per cent.

Tesla dropped 1.2 per cent following reports the company cut its prices in China again.

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This week’s calendar includes the July US retail sales report, as well as quarterly results from Walmart, Home Depot and other big box retailers. AFP