- Wall Street indices opened higher with Nasdaq up 1.06% and S&P 500 up 0.9% on Monday
- By 10:10 a.m. EST, Nasdaq was up 1.46%, S&P 500 rose 1.3%, and Dow Jones gained 1.21%
- Crude oil prices fell with WTI down nearly 3% at $94.09 and Brent down 1.04% at $102.03
The Wall Street kicked off the week on a high note, with S&P 500, Nasdaq, and Dow Jones opening in the green on Monday. The recovery came as crude oil prices eased slightly on talks of securing the Strait Of Hormuz for more tankers to pass.
Tech-heavy Nasdaq opened 1.06% or 233.56 points higher at 22,338.92, S&P 500 rose 0.9% or 58.71 points to 6,690.90, and Dow Jones Industrial Average opened 0.8% or over 370 points higher at 46,931.01.
As of 10:10 a.m. EST, all three indices traded over 1% higher. S&P 500 was up nearly 100 points or 1.3% to 6,717.37, Nasdaq traded 1.46% or over 300 points higher at 22,431.39, and Dow Jones traded 1.21% or almost 600 points higher at 47,119.96. The lift in investor sentiment also comes ahead of the 2-day Federal Reserve meeting starting on Tuesday.
Crude oil prices reversed gains, with West Texas Intermediate trading nearly 3% lower at $94.09 a barrel, and global benchmark Brent Crude trading 1.04% lower at $102.03 a barrel.
With the Iran war entering its third week and crude oil prices going haywire on Strait of Hormuz disruption, US President Donald Trump has begun mounting pressure on American allies like NATO to help reopen the vital maritime route linking the Persian Gulf to international markets.
After the market opened, all but one of the sectoral indices traded in the green. Gains were led by the Information Technology sector, the Financials sector, the Industrials sector, and the Healthcare sector. The energy sector was the only one trading lower, dragged down by slumping crude prices.
Notably, all except one of the mag seven stocks traded higher. Stocks of Nvidia Corp., Tesla Inc., and Meta Platforms Inc. clocked major gains and traded over 2% higher. Nvidia traded 2.33% higher at $184.47, Meta jumped nearly 3% to trade at $630.74, and Tesla was up 2.4% to $400.43.
Apple Inc., Amazon.com Inc., and Google-parent Alphabet Inc. traded 1.15%, 0.54%, and 0.95% higher at $252.78, $208.7, and $305.15 respectively. Only Microsoft Corp. ticked marginally lower to trade at $394.06.
The Dollar Spot Index fell weakened against global currencies to fall 0.5%, whereas the euro rose 0.6% to $1.1484, British pound rose 0.5% to $1.3290, and the Japanese yen rose 0.4% to 159.11 per dollar.
Bitcoin, the world's largest traded cryptocurrency, rose 3.1% to $73,972.01.
ALSO READ: Trump Floats Xi Summit Delay If No Help On Hormuz, FT Says
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