US close: Stocks claw back losses on tariff news
By Iain Gilbert
Date: Monday 23 May 2022
(Sharecast News) - Major indices closed higher on Monday as the Dow Jones reclaimed some of its recent losses.
At the close, the Dow Jones Industrial Average was up 1.98% at 31,880.24 and the S&P 500 was 1.86% firmer at 3,973.75, while the Nasdaq Composite saw out the session 1.59% stronger at 11,535.27.
The Dow closed 618.34 points higher on Monday as investor sentiment got a boost after Joe Biden stated he was mulling over the idea of lowering tariffs on certain products imported into the States from China.
"I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they're under consideration," Biden said.
On the macro front, the Chicago Fed's national activity index increased to 0.47 points in April, up from a three-month low of 0.36 in March. Production-related indicators accounted for 0.26 of the growth, while the contribution of the sales, orders, and inventories category rebounded to 0.04 and the contribution of the personal consumption and housing category moved up to 0.08.
In the corporate space, shares in cloud computing outfit VMWare closed 23.14% points higher after news broke that chipmaker Broadcomm was in talks to purchase the firm, while Electronic Arts shares picked up 5.18% on the back of a report that said it was actively seeking a sale or merger.
In terms of earnings, Zoom Video Communications upgraded full-year earnings guidance after beating expectations with its latest set of quarterly figures.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
JP Morgan Chase & Co. (JPM) $124.60 6.19%
Visa Inc. (V) $207.56 4.29%
Apple Inc. (AAPL) $143.11 4.01%
American Express Co. (AXP) $159.04 3.78%
Walt Disney Co. (DIS) $105.83 3.33%
Microsoft Corp. (MSFT) $260.65 3.20%
Caterpillar Inc. (CAT) $204.15 3.20%
Goldman Sachs Group Inc. (GS) $316.61 3.20%
Coca-Cola Co. (KO) $62.86 3.08%
Walgreens Boots Alliance, Inc. (WBA) $42.15 2.91%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $67.49 -0.91%
Home Depot Inc. (HD) $286.03 -0.40%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Verizon Communications Inc. (VZ) $49.67 0.28%
Merck & Co. Inc. (MRK) $93.83 0.30%
3M Co. (MMM) $144.38 0.38%
Salesforce.Com Inc. (CRM) $160.32 0.42%
Nike Inc. (NKE) $108.63 0.58%
Amgen Inc. (AMGN) $249.04 0.62%
S&P 500 - Risers
Ross Stores Inc. (ROST) $78.75 9.57%
Deere & Co. (DE) $335.36 7.04%
Schlumberger Ltd. (SLB) $43.81 6.54%
Take-Two Interactive Software Inc. (TTWO) $123.62 6.46%
JP Morgan Chase & Co. (JPM) $124.60 6.19%
Citigroup Inc. (C) $52.77 6.07%
Apache Corp. (APA) $44.15 5.98%
Bank of America Corp. (BAC) $35.87 5.94%
Abiomed Inc. (ABMD) $249.22 5.71%
Freeport-McMoRan Inc (FCX) $38.35 5.62%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $3.58 -7.73%
Gap Inc. (GPS) $10.33 -5.49%
TripAdvisor Inc. (TRIP) $23.52 -4.58%
Autodesk Inc. (ADSK) $183.51 -4.13%
Broadcom Inc. (AVGO) $526.36 -3.10%
Foot Locker Inc. (FL) $30.66 -2.79%
Qorvo, Inc. (QRVO) $105.93 -2.47%
Ralph Lauren Corp (RL) $90.95 -2.46%
Kohls Corp. (KSS) $38.24 -2.45%
Expedia Group Inc. (EXPE) $121.63 -2.38%
Nasdaq 100 - Risers
Ross Stores Inc. (ROST) $78.75 9.57%
Take-Two Interactive Software Inc. (TTWO) $123.62 6.46%
Vodafone Group Plc ADS (VOD) $16.01 4.44%
Asml Holdings N.V. (ASML) $554.61 4.09%
Apple Inc. (AAPL) $143.11 4.01%
Vertex Pharmaceuticals Inc. (VRTX) $268.35 3.77%
Fiserv Inc. (FISV) $98.83 3.39%
Applied Materials Inc. (AMAT) $109.93 3.26%
Microsoft Corp. (MSFT) $260.65 3.20%
Regeneron Pharmaceuticals Inc. (REGN) $682.21 3.19%
Nasdaq 100 - Fallers
Trip.com Group Limited (TCOM) $20.33 -4.96%
Autodesk Inc. (ADSK) $183.51 -4.13%
Broadcom Inc. (AVGO) $526.36 -3.10%
Expedia Group Inc. (EXPE) $121.63 -2.38%
Wynn Resorts Ltd. (WYNN) $61.94 -1.79%
Charter Communications Inc. (CHTR) $473.67 -1.12%
Idexx Laboratories Inc. (IDXX) $368.33 -1.05%
Skyworks Solutions Inc. (SWKS) $102.27 -0.71%
Monster Beverage Corp (MNST) $87.05 -0.66%
Dish Network Corp. (DISH) $20.65 -0.63%
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