Finance

US Stocks Close Higher as US-Mexico Deal on Migration Avoids Tariffs on Mexican Imports

US stocks closed higher Monday, as investors welcomed the news that the US is dropping its plan to impose a 5% tariff on goods coming from Mexico.

The tariff on Mexican imports was “indefinitely suspended” after the two countries reached an agreement on immigration, President Donald Trump said in a tweet Saturday morning. The Nasdaq Composite Index was still the best performing major market index of the day, climbing 1.2%, retaining its lead from midday. The S&P 500 and the Dow Jones Industrial Average trailed behind, both with gains of 0.6% and 0.4%, respectively.

The consumer discretionary, technology and financial sectors were leading the S&P 500 higher, all three with about 1% in gains, as the market extended its gains from last week. The utilities were at the bottom of the heap with a 0.6% decline.

For the week ahead, investors will get to see the state of the US economy as May inflation figures are set to be released Wednesday, while retail sales data will be released Friday.

In commodities, West Texas Intermediate crude oil futures fell 1.2% to $53.35 per barrel. Natural gas was up 1% to $2.36 per 1 million BTU. Gold futures fell 1% to $1,332.30 an ounce, while silver slipped 2.2% to $14.70 an ounce.

Among energy ETFs, the United States Oil Fund was down 1% to $11.11 while the United States Natural Gas Fund was up 0.8% to $20.20. Among precious-metal funds, the Vectors Gold Miners ETF fell 1.9% to $22.46 while SPDR Gold Shares slumped 1% to $125.33. The iShares Silver Trust fell 2% to $13.78.

US MARKETS

NYSE Composite Index was up 42.61 points (+0.33%) to 12,808.47
Dow Jones Industrial Average was up 78.74 points (+0.30%) to 26,062.68
S&P 500 was up 13.39 points (+0.47%) to 2,886.73
Nasdaq Composite Index was up 81.07 points (+1.05%) to 7,823.17

GLOBAL SENTIMENT

FTSE 100 was up 43.60 points (+0.59%) to 7,375.54
DAX market was closed for holiday
CAC 40 was up 18.45 points (+0.34%) to 5,382.50
Nikkei 225 was up 249.71 points (+1.20%) to 21,134.42
Hang Seng Index was up 613.36 (+2.27%) to 27,578.64
Shanghai China Composite Index was up 24.33 points (+0.86%) to 2,852.13

UPSIDE MOVERS

(+) NBY (+874.84%) Launches Avenova Direct on Amazon

(+) PRVB (+217.01%) PRV-031 delays type 1 diabetes onset in high risk by at least two years in “At-Risk” trial

(+) AAN (+6.26%) Aaron’s-owned Wayfair.com adds Progressive Leasing as a financing alternative on website

DOWNSIDE MOVERS

(-) INSY (-51.45%) Files for Chapter 11 bankruptcy

(-) RWLK (-18.01%) Announces $5 million registered direct offering

(-) ONCE (-8.36%) Asked by FTC to provide more info on Roche deal

US stocks closed higher Monday, as investors welcomed the news that the US is dropping its plan to impose a 5% tariff on goods coming from Mexico.

The tariff on Mexican imports was “indefinitely suspended” after the two countries reached an agreement on immigration, President Donald Trump said in a tweet Saturday morning. The Nasdaq Composite Index was still the best performing major market index of the day, climbing 1.2%, retaining its lead from midday. The S&P 500 and the Dow Jones Industrial Average trailed behind, both with gains of 0.6% and 0.4%, respectively.

The consumer discretionary, technology and financial sectors were leading the S&P 500 higher, all three with about 1% in gains, as the market extended its gains from last week. The utilities were at the bottom of the heap with a 0.6% decline.

For the week ahead, investors will get to see the state of the US economy as May inflation figures are set to be released Wednesday, while retail sales data will be released Friday.

In commodities, West Texas Intermediate crude oil futures fell 1.2% to $53.35 per barrel. Natural gas was up 1% to $2.36 per 1 million BTU. Gold futures fell 1% to $1,332.30 an ounce, while silver slipped 2.2% to $14.70 an ounce.

Among energy ETFs, the United States Oil Fund was down 1% to $11.11 while the United States Natural Gas Fund was up 0.8% to $20.20. Among precious-metal funds, the Vectors Gold Miners ETF fell 1.9% to $22.46 while SPDR Gold Shares slumped 1% to $125.33. The iShares Silver Trust fell 2% to $13.78.

US MARKETS

NYSE Composite Index was up 42.61 points (+0.33%) to 12,808.47
Dow Jones Industrial Average was up 78.74 points (+0.30%) to 26,062.68
S&P 500 was up 13.39 points (+0.47%) to 2,886.73
Nasdaq Composite Index was up 81.07 points (+1.05%) to 7,823.17

GLOBAL SENTIMENT

FTSE 100 was up 43.60 points (+0.59%) to 7,375.54
DAX market was closed for holiday
CAC 40 was up 18.45 points (+0.34%) to 5,382.50
Nikkei 225 was up 249.71 points (+1.20%) to 21,134.42
Hang Seng Index was up 613.36 (+2.27%) to 27,578.64
Shanghai China Composite Index was up 24.33 points (+0.86%) to 2,852.13

UPSIDE MOVERS

(+) NBY (+874.84%) Launches Avenova Direct on Amazon

(+) PRVB (+217.01%) PRV-031 delays type 1 diabetes onset in high risk by at least two years in “At-Risk” trial

(+) AAN (+6.26%) Aaron’s-owned Wayfair.com adds Progressive Leasing as a financing alternative on website

DOWNSIDE MOVERS

(-) INSY (-51.45%) Files for Chapter 11 bankruptcy

(-) RWLK (-18.01%) Announces $5 million registered direct offering

(-) ONCE (-8.36%) Asked by FTC to provide more info on Roche deal

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