Stocks ended mixed on Monday, with the Dow Jones Industrial Average ending the session in the green, while both the S&P 500 Index and the Nasdaq slipped into negative territory, as the 10-year Treasury yield increased on inflation fears, rising as high as 1.5%.
Here's how the market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Facebook to pause it's 'Instagram for Kids' project:
Facebook
Facebook said: "While we believe building 'Instagram Kids' is the right thing to do, Instagram, and its parent company Facebook, will re-evaluate the project at a later date. In the interim, Instagram will continue to focus on teen safety and expanding parental supervision features for teens."
Instagram head Adam Mosseri noted Monday the app was meant for children ages 10 to 12 years old.
Fed's Rosengren to retire earlier than planned:
Boston Federal Reserve President Eric Rosengren said Monday he is stepping down this Thursday to retire, citing health concerns; he was expected to retire next June.
In his announcement, Rosengren revealed that he has been on a kidney transplant list since June 2020, and his doctors told him changes in his lifestyle may reduce his need for dialysis.
"It has been an honor to serve at the Federal Reserve System, in a job where one can be constantly engaged in pursuing the economic and financial well-being of the country and New England," Rosengren said in a press statement. "I know that my colleagues will build on our progress, and continue making a difference for the public we serve."
Rosengren and Dallas Fed President Robert Kaplan were at the center of a stock trading controversy recently, and both promised to sell their individual stock holdings.
Durable goods order exceed expectations in August:
U.S. durable goods orders exceeded estimates in August, suggesting that there are strong underlying trends in the manufacturing sector despite supply chain challenges.
Durable goods orders rose 1.8% last month, according to the Commerce Department's preliminary reading published Monday. August's reading follows a 0.5% rise in July, which was upwardly revised from a 0.1% decline previously reported. Consensus economists had expected a rise of 0.7% for August.
Here's how benchmarks started trading soon after open:
S&P 500 Index: +1.21% or +53.34 points to 4,448.98
Dow Jones Industrial Average: +1.48% or +506.50 points to 34,764.82
Nasdaq Composite Index: +1.04% or +155.40 points to 15,052.24
