Technology shares lift Wall Street as Nasdaq rises 1.1%

Shortly after trading began on Monday, the Dow Jones Industrial Average was down 0.1% at 51,139 points. The S&P 500 rose 0.2% to 7,737, while the Nasdaq gained 0.3% to 27,272. These were opening readings, not closing results. [1]

The mixed start followed gains on Friday, when the Nasdaq rose 1.2%. ANP linked those gains to a weak US jobs-growth figure and said the report had made another Federal Reserve interest-rate increase later in October seem less likely. [1]

Investors are due to see the minutes of the Federal Reserve’s September rate meeting on Wednesday. ANP reports that the Fed raised rates at that meeting to counter high inflation. [1]

Update

Technology shares helped lift Wall Street on Monday, 5 October. The Nasdaq closed 1.1% higher at 27,477.31, following a 1.2% gain the previous Friday. The S&P 500 rose 0.7% to 7,773.95 and the Dow Jones gained 0.2% to 51,267.90, ANP reported. [2]

Meta rose 1.9%, Microsoft 1.5%, Nvidia 2.1% and Tesla 2.2%, according to ANP. Intel fell 2.6% as the agency reported talks about a possible collaboration between chipmaker TSMC and Elon Musk’s Terafab chip-factory initiative. ANP said Intel had previously announced its own collaboration with Terafab. [2]

Freight group CH Robinson Worldwide lost more than 10%, while RXO gained 22.5%. ANP reported that CH Robinson was acquiring the freight broker for about $5.8bn. The deal rests in part on an expectation that AI could make the companies more efficient, the agency said. [2]