US stocks end mostly higher ahead of data

US stocks end mostly higher ahead of data

Traders work on the floor of the NYSE in New York
Traders work on the floor of the New York Stock Exchange. (Photo: REUTERS/Brendan McDermid)

NEW YORK: Wall Street stocks finished mostly higher on Monday (Sep 10) despite lingering trade tensions as investors went bargain hunting after last week's losses.

The broad-based S&P 500 climbed 5.45 points (0.19 per cent) to 2,877.13, while the tech-rich Nasdaq Composite Index advanced 21.62 points (0.27 per cent) to 7,924.16.

But the Dow Jones Industrial Average shed 59.47 points (0.23 per cent) to 25,857.07.

Major indices pulled back last week on worries about trade wars and stepped-up regulation on tech companies following tough Capitol Hill hearings with Facebook and Twitter.

Those uncertainties continued to loom Monday. Yet markets drifted higher in the absence of significant new developments.

Key economic data releases this week include reports on retail sales and inflation. There will also be a major Apple product launch.

"The market's in wait-and-see mode," said Art Hogan, chief market strategist at B Riley FBR.

Apple, the biggest company by market capitalisation, fell 1.3 per cent after Trump called on the technology giant to shift manufacturing capacity from China to the United States to avoid tariffs.

The tech giant is expected to unveil new iPhones on Wednesday at a company event in California.

But Tesla Motors surged 8.5 per cent following a positive note from Alliance Bernstein that suggested worries about chief executive Elon Musk were overblown and said the company was on track meets key manufacturing targets this fall.

CBS dropped 1.5 per cent following news Leslie Moonves was stepping down as chief executive after a slew of escalating sexual misconduct allegations.

Source: AFP/ec