Wall Street today: US stocks edge higher after last week’s rout, Tesla & Nvidia up over 3% each – Here’s why

US stock incices edged higher on Monday after a rout last week, as investors are focussed on the economic data later in the week.

The heavy losses last week came amid concerns over a slowing US economy exacerbated by disappointing jobs data for August.

Investors are looking ahead to Consumer Price Index report on Wednesday, followed by PPI on Thursday.

At 11:26 a.m. ET, the Dow Jones Industrial Average rose 361.73 points, or 0.90 per cent, the S&P 500 gained 33.24 points, or 0.61 per cent, and the Nasdaq Composite gained 74.15 points, or 0.44 per cent.

At 09:35 a.m. ET, the Dow Jones Industrial Average rose 199.46 points, or 0.47 per cent, to 40,535.85, the S&P 500 gained 46.00 points, or 0.85 per cent, to 5,454.42 and the Nasdaq Composite gained 185.94 points, or 1.11 per cent, to 16,876.78.

At the opening bell, the Dow Jones Industrial Average rose 209.7 points, or 0.52 per cent, to 40555.11. The S&P 500 rose 33.6 points, or 0.62 per cent, to 5442.07, while the Nasdaq Composite rose 144.8 points, or 0.87 per cent, to 16835.674.

Stocks of electric vehicle maker Tesla and AI chip giant Nvidia gained more than 3 per cent.

Boeing stock surged 3.3 per cent after the planemaker and its workers’ union reached a tentative deal averting a possible strike.

As the Apple Inc. is set to hold it annual event on Monday, its stock fell more than 1 per cent in the early trading session on Wall Street.

Google parent Alphabet rose 1.4 per cent as the tech giant faces a government antitrust trial.

Shares of Dell Technologies and Palantir rose 5.2 per cent and 9.9 per cent, respectively, while Erie jumped 3.1 per cent as they are set to join the S&P 500 index on September 23.

Eli Lilly stock added more than 1 per cent after the drugmaker appointed insider Lucas Montarce as its chief financial officer.

The 10-year Treasury yield edged up to 3.73 per cent from 3.72 per cent late on Friday.

Crude oil

Oil prices rose on Monday, clawing back some of last week’s deep losses.

Brent climbed toward $72 a barrel after losing almost 10 per cent last week, while West Texas Intermediate traded above $68.

Bullion

Gold prices gained on Monday on mounting expectation of a Federal Reserve rate cut next week.

Spot gold rose 0.2 per cent to $2,502.29 per ounce by 9:22 am ET (1322 GMT) and US gold futures were up 0.3 per cent to $2,531.50.

Spot silver rose 0.9 per cent to $28.17 per ounce.