Stocks rose to slightly new records on Monday to mark a positive start to November. Both the Dow Jones Industrial Average and Nasdaq rose nearly 100 points, while the S&P 500 gained 0.18%, to fresh closing highs.
Here's how the market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Coca-Cola buys full control of Bodyarmor for $5.6 billion:
Coca-Cola
The beverage giant bought a 15% stake in Bodyarmor back in 2018 to become its largest shareholder. The company then said back in February that it intended to buy a controlling interest in the sports drink brand later this year in a pre-acquisition filing with the Federal Trade Commission.
As part of the deal, Bodyarmor co-founder Mike Repole will collaborate on the company's beverage portfolio; he had previously founded Vitaminwater, Smartwater and Energy Brand, all of which are now owned by Coke.
Tesla soars to fresh intraday high:
Shares of Tesla
On Monday, Chinese company Ganfeng Lithium said it reached a deal to provide Tesla lithium products for three years, boosting Tesla's outlook as the agreement will provide vital components amid a global increase in input prices.
U.S. manufacturing activity slows to 16-month low:
The Institute for Supply Management (ISM) said in its index of U.S. manufacturing activity fell to a reading of 60.8% in October over 61.1% from the month prior--a 16-month low--as ongoing global supply chain issues.
"Business Survey Committee panelists reported that their companies and suppliers continue to deal with an unprecedented number of hurdles to meet increasing demand. All segments of the manufacturing economy are impacted by record-long raw materials lead times, continued shortages of critical materials, rising commodities prices and difficulties in transporting products," the ISM said in a statement. "Global pandemic-related issues--worker absenteeism, short-term shutdowns due to parts shortgages, difficulties in filling open positions and overseas supply chain problems--continue to limit manufacturing growth potential."
"However, panel sentiment remains strongly optimistic, with four positive growth comments for every cautious comment. Panelists are fully focused on supply chain issues in order to respond to the ongoing high levels of demand," the ISM added.
Here's how market benchmarks started trading soon after opening bell:
S&P 500 Index: +0.16% or +7.15 points to 4,612.53
Dow Jones Industrial Average: +0.45% or +160.83 points to 35,980.39
Nasdaq Composite Index: +0.04% or +6.27 points to 15,504.66
