By Mark DeCambre and Victor Reklaitis, MarketWatch
Roku shares trade lower after soaring in their debut last
week
U.S. stock benchmarks on Monday traded in record territory as
equities resumed a steady, albeit controlled, runup that could set
the tone for the final three months of 2017. The moves for stocks
occurred amid an upbeat tone on Wall Street 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 6 points, or 0.2%, to 2,525,
hitting a record intraday high at 2,527.92, powered by gains in the
health-care sector, up 0.7%. The Dow Jones Industrial Average added
50 points, or 0.2%, at 22,454, touching an intraday, all-time high
at 22,487.11, supported by gains in 3M Co. (MMM) and Goldman Sachs
Group Inc. (GS).
The Nasdaq Composite Index , meanwhile, tacked on 25 points, or
0.4%, to 6,520.
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?
"l think what's driving the market is just optimism about the
fourth quarter, along with expectations that results from the third
quarter will be similar to the second quarter," said Robert Pavlik,
chief market strategist at Boston Private Wealth. He also said hope
that the Trump administration will rework tax policy is supporting
buying appetite, although doubts linger about that coming to
fruition this year.
"The continued talk [about taxes] that's all that really
matters, but I don't think that anything gets voted on and passed
this year," he said.
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 3.2%
(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 7.3%, while Sturm, Ruger & Co. Inc. stocks (RGR)
climbed 5.7%. Vista Outdoor Inc., shares(VSTO) were 2.6%
higher.
Streaming-media company Roku Inc.'s stock traded 6.7% 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 1.1% in
early trade, while Amazon shares were up about 0.2%.
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 1.2%, and shares of
Altice were rose 2.2%.
What's driving the market?
The closely watched ISM manufacturing index was at 60.8 in
September, representing the highest level for the economic reading
since 2004. A reading of 50 indicates expansion. A separate reading
on manufacturing from IHS Markit came in at 53.1 for the same
month, compared with 52.8 in the prior month. Economists polled by
MarketWatch had expected 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).
Construction spending
(http://www.marketwatch.com/story/construction-spending-strengthens-in-august-led-by-rebound-in-public-sector-outlays-2017-10-02),
meanwhile, increased 0.5% during the month, and stood 2.5% higher
than a year ago. Outlays were at a seasonally adjusted annual $1.22
trillion rate in August, while July's initial tally was raised to
$1.212 trillion. The median forecast among economists surveyed by
MarketWatch was for a 0.4% increase.
Check out:MarketWatch's Economic Calendar
(http://www.marketwatch.com/economy-politics/calendars/economic)
Minneapolis Fed President Neel Kashari on Monday urged Federal
Reserve policy makers not to raise interest rates
(http://www.marketwatch.com/story/feds-kashkari-prefers-no-more-rate-hikes-until-inflation-hits-2-target-2017-10-02)again
until inflation hits the central bank's 2% annual target,
disagreeing with Fed Chairwoman Janet Yellen.
Also on the Fed docket, Dallas Fed President Rob Kaplan is
slated to take part in a moderated Q&A at the Fed's El Paso
branch at 2 p.m. Eastern Time.
What other assets are doing
Spain's IBEX stock benchmark traded about 1.6% 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 10:55 ET (14:55 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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