US close: Stocks reverse losses to finish in the green

(Sharecast News) - Wall Street saw a positive end to the trading day on Monday, with major indices advancing amid subdued trading activities. The upswing came as market participants continued to mull over last week's inflation data, and keenly awaited minutes from the Federal Reserve's latest policy meeting, due for release later in the week.

By the close, the Dow Jones Industrial Average had registered modest gains, rising by 0.07% to 35,307.63.

The S&P 500 meanwhile advanced 0.58% to settle at 4,489.72, and leading the pack, the tech-heavy Nasdaq Composite rose 1.05% to 13,788.33.

In currency markets, the dollar was little changed, last trading 0.01% lower on sterling at 78.84p.

It remained flat against the euro at 91.69 euro cents, while it registered a slight decrease of 0.01% versus the yen, changing hands at JPY 145.54.

"Despite starting the week on the back foot on account of a weak Asia session, and concerns over the Chinese real estate market, European markets tried to rally in early trading, but spent the day struggling for gains as they look to recover some ground after two weeks of losses," said CMC Markets chief market analyst Michael Hewson earlier.

"US markets took their cues from the lacklustre nature of today's European session, opening lower, at the same time as yields have continued to edge higher."

US Steel rejects takeover, PayPal announces new CEO, AMC share price tumbles

Amid a dearth of economic updates for investors to sink their teeth into, all eyes were on equities, with United States Steel Corporation surging 36.8%.

The move came in the wake of the company's rejection of a $7bn takeover offer from competitor Cleveland-Cliffs.

That bid was placed at $35 a share, making for a substantial 43% premium to US Steel's closing price on Friday.

Adding to the narrative, US Steel disclosed over the weekend that it was currently exploring various options, having received multiple unsolicited acquisition proposals.

Cleveland-Cliffs itself saw its shares rise by 8.78%.

Elsewhere, PayPal Holdings gained 2.81% after it announced that Alex Chriss, currently heading Intuit's small business and self-employed division, would be taking the reins as PayPal's chief executive come September.

On the downside, electric vehicle giant Tesla dipped 1.19%, after the company's decision to reduce the price of its Model Y vehicles in China.

Cinema operator AMC Entertainment Holdings tumbled 35.55% after a Delaware court gave the green light to its revised and controversial stock conversion plans towards the end of last week.

AMC's preferred equity stock, however, was boosted by the news, rising 16.3% by the close.

Reporting by Josh White for Sharecast.com.

Dow Jones - Risers

Intel Corp. (INTC) $35.68 2.26% Salesforce.Com Inc. (CRM) $212.06 1.61% Merck & Co. Inc. (MRK) $108.91 1.37% Visa Inc. (V) $242.86 1.19% Microsoft Corp. (MSFT) $324.04 0.94% Apple Inc. (AAPL) $179.46 0.94% Verizon Communications Inc. (VZ) $33.56 0.60% Unitedhealth Group Inc. (UNH) $510.86 0.57% American Express Co. (AXP) $166.08 0.49% Boeing Co. (BA) $236.71 0.42%

Dow Jones - Fallers

3M Co. (MMM) $103.42 -1.08% Walgreens Boots Alliance, Inc. (WBA) $29.07 -0.95% Goldman Sachs Group Inc. (GS) $337.74 -0.88% International Business Machines Corporation (CDI) (IBM) $141.91 -0.85% Procter & Gamble Co. (PG) $155.79 -0.78% Walmart Inc. (WMT) $160.00 -0.74% Amgen Inc. (AMGN) $260.97 -0.59% Coca-Cola Co. (KO) $60.88 -0.47% Nike Inc. (NKE) $107.64 -0.42% Travelers Company Inc. (TRV) $166.27 -0.35%

S&P 500 - Risers

Nvidia Corp. (NVDA) $437.53 7.09% Micron Technology Inc. (MU) $68.28 6.07% Advanced Micro Devices Inc. (AMD) $111.98 4.10% Nucor Corp. (NUE) $172.04 3.31% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $458.56 3.31% Broadcom Inc. (AVGO) $854.10 2.93% Paypal Holdings Inc (PYPL) $63.27 2.81% Adobe Systems Inc. (ADBE) $522.25 2.71% Texas Instruments Inc (TXN) $170.48 2.58% KLA-Tencor Corp. (KLAC) $490.89 2.49%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $0.82 -11.73% Keycorp (KEY) $11.02 -4.67% Comerica Inc. (CMA) $50.09 -3.89% Citizens Financial Group, Inc. (CFG) $29.58 -3.68% Truist Financial Corp. (TFC) $30.55 -3.66% Fifth Third Bancorp (FITB) $26.79 -3.60% Charles Schwab Corp. (SCHW) $61.78 -3.59% Nordstrom Inc. (JWN) $20.60 -3.33% Dish Network Corp. (DISH) $7.80 -3.23% State Street Corp. (STT) $71.34 -3.18%

Nasdaq 100 - Risers

Nvidia Corp. (NVDA) $437.53 7.09% Micron Technology Inc. (MU) $68.28 6.07% Qurate Retail Inc. (QRTEA) $0.92 3.49% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $458.56 3.31% Broadcom Inc. (AVGO) $854.10 2.93% Paypal Holdings Inc (PYPL) $63.27 2.81% Adobe Systems Inc. (ADBE) $522.25 2.71% Texas Instruments Inc (TXN) $170.48 2.58% KLA-Tencor Corp. (KLAC) $490.89 2.49% Lam Research Corp. (LRCX) $667.20 2.34%

Nasdaq 100 - Fallers

Dish Network Corp. (DISH) $7.80 -3.23% Illumina Inc. (ILMN) $175.14 -2.96% Mercadolibre Inc. (MELI) $1,296.52 -2.52% DENTSPLY Sirona Inc. (XRAY) $38.27 -1.39% Tesla Inc (TSLA) $239.76 -1.19% Trip.com Group Limited (TCOM) $40.04 -1.18% Dollar Tree Inc (DLTR) $145.62 -1.12% eBay Inc. (EBAY) $44.03 -1.06% Sirius XM Holdings Inc (SIRI) $4.70 -1.05% Incyte Corp. (INCY) $65.24 -1.05%