Markets Right Now: Stocks rise, led by tech companies, banks

Marco Green
October 22, 2019

U.S. chipmakers with a large exposure to China rose, with the Philadelphia Semiconductor index up 0.9 per cent. Trade-sensitive technology stocks also gained 0.3 per cent. -China trade war boosted shares in sectors sensitive to trade and the global economy.

White House adviser Larry Kudlow told Fox Business that tariffs scheduled for December could be withdrawn if trade negotiations go well.

"People are continuing to be optimistic that some type of trade truce with China can be pushed forward", said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance in Charlotte, North Carolina.

The yield on the 10-year Treasury rose to 1.78%. The Philadelphia SE Semiconductor Index advanced 1.9%.

Shares of the planemaker slipped 4 per cent, also limiting gains on the S&P 500 index. "We should be able to surprise on the upside and we are seeing that in early stages of Q3", Adams added.

Boeing (NYSE:BA) dragged on the Dow, as the company fell 5% after Credit Suisse (SIX:CSGN) and UBS downgraded the company to "neutral" from "buy", following reports that Boeing pilots were aware of safety issues with the 737 MAX's flight control software as long ago as 2016.

The Dow was up 45 points or 0.2% by 9:46 AM ET (13:46 GMT), while the S&P 500 gained 13 points or 0.5% and the Nasdaq composite jumped 49 points or 0.6%.

Stocks are opening higher on Wall Street Monday as investors get set for a busy week of earnings reports. But of the 75 companies that have reported results so far, only 12% have come short of earnings estimates.

Halliburton Co gained 6 per cent, reversing earlier losses, after the oilfield services provider detailed plans of further cost reductions on a conference call.

Financial services companies posted the biggest gains as bond yields rose.

The drug distributors, along with Teva Pharmaceutical Industries, reached a settlement with two OH counties related to the opioid crisis.

The S&P/TSX composite index was up 52.22 points at 16,429.34.

Volume on US exchanges was 5.92 billion shares, which was below the 6.55 billion average for the last 20 trading sessions.

Other reports by Click Lancashire

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