MGM MGM Resorts International

By Victor Reklaitis and Mark DeCambre, MarketWatch

Roku shares trade lower after soaring in their debut last week

U.S. stock benchmarks on Monday opened at all-time intraday highs on relatively modest moves as equities resumed a record run that could set the tone for the final three months of 2017. The moves for stocks occurred despite a mass shooting event in Las Vegas that is being described as the worst in U.S. history.

What are the stock benchmarks doing?

S&P 500 index advanced by 1.60 points, or 0.1%, to 2,521, hitting a record intraday at 2,521.71, while Dow Jones Industrial Average added 26 points, or 0.2%, at 22,429, touching an all-time high, intraday, at 22,439.22. The Nasdaq Composite Index , meanwhile, tacked on 12 points, or 0.2%, to 6,508, after hitting an intraday peak at 6,509.44

On Friday, the S&P 500 and the Nasdaq Composite finished at all-time closing highs (http://www.marketwatch.com/story/us-stocks-set-for-weaker-open-but-monthly-gains-set-to-remain-intact-2017-09-29), and the Dow finished only 7.50 points below its Sept. 20 record close. The three main benchmarks posted weekly, monthly and quarterly gains.

What are strategists and traders saying?

Some strategists continue to sound optimistic as the fourth quarter--historically the equity market's strongest--kicks off Monday.

"We think a bullish bias is appropriate for Q4 and would generally feel comfortable adding exposure to stocks with positive technical catalysts, such as breakouts," said Katie Stockton, BTIG's chief technical strategist in a note. A breakout generally refers to a stock rallying to a fresh high.

Read more:Will the stock market live up to the 4th quarter's reputation for strength? (http://www.marketwatch.com/story/will-the-stock-market-live-up-to-the-4th-quarters-reputation-for-strength-2017-09-30)

Which stocks are in focus?

Shares in MGM Resorts International(MGM) dropped 2.8% (http://www.marketwatch.com/story/mgm-resorts-stock-falls-5-premarket-after-mandalay-bay-shooting-2017-10-02)in the wake of a mass shooting at the company's Mandalay Bay property in Las Vegas. A gunman opened fire (http://www.marketwatch.com/story/reports-of-dead-injured-after-mass-shooting-at-las-vegas-concert-2017-10-02) on a crowd at an outdoor country-music concert in Vegas on Sunday night, leaving at least 50 people dead and more than 400 injured.

Gun-maker shares were moving (http://www.marketwatch.com/story/gun-maker-stocks-surge-after-mass-shooting-in-las-vegas-2017-10-02). Smith & Wesson parent American Outdoor Brands Corp.'s(AOBC) stock jumped 2.7%, while Sturm, Ruger & Co. Inc. stocks (RGR) climbed 2.8%. Vista Outdoor Inc., shares(VSTO) were 0.8% higher.

Streaming-media company Roku Inc.'s stock traded 4.2% lower. The new issue surged in its trading debut Thursday, then jumped again Friday.

See:Roku IPO valuation nearly doubles in two sessions (http://www.marketwatch.com/story/roku-ipo-valuation-doubles-in-less-than-two-sessions-2017-09-29)

And read: Wall Street's embrace of Roku ignores the ghosts of GoPro, Fitbit IPOs (http://www.marketwatch.com/story/wall-streets-embrace-of-roku-ignores-the-ghosts-of-gopro-fitbit-ipos-2017-09-29)

Software-giant Oracle Corp.'s stock (ORCL) could see active trading after Chairman Larry Ellison guaranteed late Sunday to offer database warehousing at less than half the price (http://www.marketwatch.com/story/oracles-ellison-guarantees-database-warehousing-at-half-the-cost-of-amazons-2017-10-01) charged by rival Amazon.com Inc.(AMZN)Shares of Oracle rose 0.9% in early trade, while Amazon shares were up about 0.6%.

ESPN-parent Walt Disney Co.(DIS) and cable operator Altice USA Inc.(ATUS) could make moves after they reached a tentative agreement late Sunday (http://www.marketwatch.com/story/altice-disney-reach-tentative-deal-averting-espn-abc-blackout-2017-10-01) to keep Disney's channels on the air for millions of subscribers in the New York area. Disney's stock were up 1%, and shares of Altice were rose 1.2%.

What's driving the market?

Two September reports on manufacturing are due shortly after the opening bell, with one from Markit slated to hit at 9:45 a.m. Eastern Time, followed by ISM's at 10 a.m. Eastern. Economists polled by MarketWatch expect a reading of 58.1% for ISM's index, down from 58.8% in August (http://www.marketwatch.com/story/ism-manufacturing-index-jumps-to-six-year-high-in-august-2017-09-01).

A release on construction spending is also scheduled to arrive at 10 a.m. Eastern, and economists expect 0.4% growth in August.

Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)

On the Federal Reserve front, Dallas Fed President Rob Kaplan is slated to take part in a moderated Q&A at the Fed El Paso branch at 2 p.m. Eastern Time.

President Donald Trump is slated to discuss the Vegas shooting at 10:30 a.m. Eastern.

What other assets are doing

Spain's IBEX stock benchmark traded about 1% lower after voters in Catalonia backed secession in a Sunday referendum (http://www.marketwatch.com/story/catalonia-leader-with-90-approval-we-have-the-right-to-be-independent-2017-10-01) that was marred by violent clashes and boycotted by opponents. The euro was losing ground, while the Stoxx Europe 600 (http://www.marketwatch.com/story/european-stocks-rise-for-8th-straight-session-as-euro-slides-after-violent-catalonia-vote-2017-10-02) rose.

Oil futures and gold futures were pulling back, as the ICE U.S. Dollar Index gained. Asian stocks closed mostly higher (http://www.marketwatch.com/story/australian-stocks-power-ahead-leading-asia-pacific-market-gains-2017-10-01), though several bourses were shut for holidays.

See: Brave investors might want to buy the dip on these 2 Catalonia-based banks (http://www.marketwatch.com/story/brave-investors-might-want-to-buy-the-dip-on-these-2-catalonia-based-banks-2017-10-02)

(END) Dow Jones Newswires

October 02, 2017 09:43 ET (13:43 GMT)

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