The broader market gained during Monday's session as investors weighed another batch of corporate earnings against uneasy labor market data that is set to release later in the week. Market participants are also anticipating a resolution to Congress' decision on continued unemployment benefits, which expired last Friday, in response to the coronavirus pandemic. The Nasdaq outperformed on Monday as tech giants like Apple (NASDAQ AAPL) gained, while the Dow was uplifted by Microsoft
Meanwhile, the Institute for Supple Management's manufacturing purchasing managers' index rose to 54.2 in July, up from 52.6 in June and shows sustained expansion. In addition, IHS Markit's U.S. manufacturing sector purchasing managers' index ended July with a reading of 50.9, down from the month's preliminary reading of 51.3.
"Although indicating the strongest expansion of the manufacturing sector since January, the IHS Markit PMI remains worryingly weak. Much of the recent improvement in output appears to be driven merely by factories restarting work rather than reflecting an upswing in demand," chief business economist at IHS Markit Chris Williamson said in a statement.
Here's how the market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, the Chinese electric carmaker Nio
For Sector Performance, industries closed out Monday's session mixed as plenty of uncertainty looms over the market. Those that ended the day with negative performance were Real Estate -1.47%, Utilities -1.14%, Materials -0.64%, Consumer Discretionary -0.55%, Consumer Staples -0.25% and Communication Services -0.03%. The rest that ended the session with positive gains were Information Technology +2.49%, Health Care +1.04%, Industrials +0.40%, Energy +0.26% and Financials +0.19%.
For Commodities and Currency, crude oil prices rose on Monday from more positive global economic data, but gains remained low due to lingering future demand concerns. International benchmark Brent Crude
For Tuesday, investors will focus on headlines surrounding Washington's coming economic stimulus package, as well as more quarterly earnings from companies like Beyond Meat