Shutterstock photo

U.S. stocks open higher, ISM data in focus; Dow Jones up 0.72%

Shutterstock photo

Shutterstock photo - U.S. stocks opened higher on Monday, as investors eyed the upcoming release of U.S. manufacturing data amid ongoing uncertainty over the future of the Federal Reserve's stimulus program.

During early U.S. trade, the Dow Jones Industrial Average advanced 0.72%, the S&P 500 index climbed 0.80%, while the Nasdaq Composite index rallied 0.92%.

Markets were jittery amid expectations that the Fed will soon start tapering its USD85 billion-a-month bond buying program. Investors were awaiting Friday's U.S. nonfarm payrolls data, with good data set to bolster the dollar further.

Investors also remained cautious after the release of mixed Chinese manufacturing reports.

China's official manufacturing purchasing managers' index came in at 50.1 in June, above expectations for 50.0, following a reading of 50.8 in May.

Separately, China's HSBC manufacturing PMI fell to a nine-month low of 48.2 in June, down from a preliminary reading of 48.3 and further below the 50 level that separates contraction form expansion.

Onyx Pharmaceuticals skyrocketed 51% confirmed on Sunday it had rejected a purchase offer from Amgen, the world's biggest biotech company.

Also in company news, private equity firms Blackstone and Lion Capital were said to have teamed up to make a formal bid worth more than GBP1 billion for Lucozade and Ribena, the two soft drink brands put up for sale by drugmaker GlaxoSmithKline.

Blackstone shares were up 1.21% following the news, while GlaxoSmithKline jumped 1.08%.

In the tech sector, U.S.-traded Sony shares rallied 1.09%, even as the company said its sold almost USD13 million in video and medical equipment to dealers in Dubai that resold the gear in Iran. The recipients reportedly included groups under U.S. sanctions.

On the downside, BlackBerry tumbled 1.28% after the smartphone maker disclosed disappointing demand for a touch-screen device viewed as critical to attracting younger users.

Adding to losses, 3M dipped 0.05% after Morgan Stanley cut the company to "equal weight".

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 jumped 1%, France's CAC 40 advanced 0.91%, Germany's DAX climbed 0.47%, while Britain's FTSE 100 surged 1.32%.

During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.78%, while Japan's Nikkei 225 Index rallied 1.28%.

Later in the day, the Institute of Supply Management was to produce a report on manufacturing activity. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.

Read more News on or Follow us on Twitter at @ Newsinvesting

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics