Shares on Wall Street opened strongly on Mon, but failed to hold most of their gains, and ended up closing near the day's lows with moderate gains. The Dow Jones Industrial Average gained 16.08 pts or 0.05% to close at 32,915.78. The broader S&P 500 index rose 0.31%. The tech-heavy Nasdaq Composite advanced 0.40%. The small cap Russell 2000 gained 0.36%.
Solar stocks were big winners on Mon after US President Joe Biden exempted solar panels from Cambodia, Malaysia, Thailand and Vietnam from tariffs for two years. Enphase Energy (ENPH US) jumped 5.41%, and SolarEdge Technologies rose (SEDG US) 2.86%.
Amazon (AMZN US) gained 1.99% after splitting its stock, 20-for-1.
US-listed China stocks had an excellent day. The Nasdaq Golden Dragon China jumped as much as 5.4%. The Wall Street Journal reported that Chinese regulators are wrapping up their investigations into ride-hailing giant Didi (DIDI US, +24.32%), bolstering the growing view that China’s crackdown on its tech sector may be coming to an end. Also, Chinese authorities relaxed some COVID-related restrictions.
The yield on the 10-year Treasury jumped back above 3%. The 10-year yield rose 10.67 basis points (bps) to 3.0399%.
The front-month Brent and WTI futures closed down 21 cents at US$119.51/bbl and 37 cents at US$118.50/bbl respectively.
The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.29% to 102.437.
The most actively traded US gold futures (Aug) contract settled down $6.50, or 0.35%, at US$1,843.70/oz. July silver, which is the most actively traded silver futures, rose 18.4 cents, or 0.8%, to end at US$22.092/oz.
European equity markets finished higher on Mon. The UK FTSE gained 1.0% after UK markets resumed trading following a holiday. Meanwhile, France's CAC 40 rose 0.98%, while the German DAX advanced 1.34%.