Wall St ends higher as investors return to megacaps
Nvidia jumps on report of new AI chip for China market
Mattel soars after Reuters reports buyer interest
CrowdStrike slips after Friday's global cyber outage
Verizon falls on Q2 revenue miss
Updates to close
By David French
July 22 (Reuters) -Wall Street's three benchmarks closed higher onMonday as investors returned to megacap growth stocks, helping both the S&P 500 .SPX and Nasdaq Composite .IXIC recover from their worst weekly performance since April.
The Dow Jones Industrial Average .DJI was also back in positive territory, breaking a two-session skid since hitting an all-time closing high last Wednesday.
Megacaps Alphabet GOOGL.O, Meta Platforms META.O and Tesla TSLA.O all advanced after being major drags on the market last week.
Nvidia NVDA.O also rose after Reuters reported the artificial intelligence chip leader was working on a version of its new flagship AI chips for the China market that would be compliant with current U.S. export controls.
The Information Technology index .SPLRCT toppedsectoral gainers, snappinga four-day losing streak.
"We think this move today probably has more to do with a rebound from the selling that occurred last week than anything else," said Jason Pride, chief of investment strategy & research at Glenmede.
Chief among the other factors on traders' minds was areexamination of the state of the presidential race after U.S. President Joe Biden announced his withdrawal and endorsed Vice President Kamala Harris' candidacy for the November election on Sunday.
Biden's exit could prompt investors to unwind trades on bets that a victory for Republican Trump would increase U.S. fiscal and inflationary pressures. But some analysts said markets could benefit from an increased chance of a divided government under the next administration.
Online betting site PredictIt showed pricing for a Donald Trump victory slipped 4 cents to 60 cents, while climbing 12 cents for a Harris win to 39 cents.
Trump-linked stocks were mixed on Monday, with Trump Media & Technology Group DJT.O dropping, while software firm Phunware PHUN.O gained.
The question of who will be on the Democratic presidential ticket compounds investor unease ahead of quarterly earnings, including from two of the so-called Magnificent Seven companies - Alphabet and Tesla TSLA.O.
The results will test whether the recent rally in top-tier high-momentum stocks is tenable and if a move to underperforming sectors will continue.
"We're seeing the market begin to price in a little bit a faster set of rate cuts, and that is leading to a bit of a shift in leadership to favor smaller-cap stocks and to deviate from the focus on the largest tech companies," said Glenmede's Pride.
"Obviously today looks a little bit different to that, but it's still a trend in the background."
According to preliminary data, the S&P 500 .SPX gained 60.22 points, or 1.09%, to end at 5,565.22 points, while the Nasdaq Composite .IXIC gained 280.63 points, or 1.57%, to 18,004.62. The Dow Jones Industrial Average .DJI rose 126.30 points, or 0.32%, to 40,417.75.
Cybersecurity firm CrowdStrike CRWD.O slumped, extending losses after a software update from the company sparked Friday's global tech outage.
Delta Air Lines DAL.N dropped aftercanceling over 600 flights as it struggled to restore operations after the outage.
Verizon Communications VZ.N fell after a second-quarter revenue miss.
Mattel Inc MAT.O jumped after Reuters reported the toy maker had been approached by buyout firm L Catterton with an acquisition offer.
The Trump Trade https://tmsnrt.rs/3YeC3tB
Reporting by Shubham Batra, Ankika Biswas and Lisa Mattackal in Bengaluru, and David French in New York; Editing by Sherry Jacob-Phillips, Pooja Desai and Richard Chang
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
