US close: Stocks reclaim some of Friday's losses

(Sharecast News) - Wall Street stocks closed higher on Monday as major indices clawed back some of the previous session's losses ahead of tomorrow's Federal Reserve meeting. At the close, the Dow Jones Industrial Average was up 0.20% at 38,790.43, while the S&P 500 advanced 0.63% to 5,149.42 and the Nasdaq Composite saw out the session 0.82% firmer at 16,103.45.

The Dow closed 75.66 points higher on Monday, reclaiming some of Friday's losses that came as investors continued to come to terms with hotter-than-expected core and wholesale inflation readings.

Traders were mostly looking ahead to tomorrow's Federal Open Markets Committee's monetary policy meeting on Monday, with the central bank widely expected to keep benchmark interest rates unchanged. Elsewhere, the expectation of a rate cut taking place in June has also been dialled back in recent days.

On the macro front, the National Association of Housebuilders' housing market index increased to 51 in March, up from 48 in February and beating forecasts for a flat month-on-month reading. March's index showed the strongest confidence level in eight months, with a lack of existing inventory continuing to drive buyers to new home construction, while demand also increased after mortgage rates fell below last autumn's cycle peak.

"With the Federal Reserve expected to announce future rate cuts in the second half of 2024, lower financing costs will draw many prospective buyers into the market. However, as home building activity picks up, builders will likely grapple with rising material prices, particularly for lumber", said NAHB chief economist Robert Dietz

In the corporate space, Nvidia traded as it held its GTC Conference, while Super Micro Computer shares advanced on the stock's first trading day on the S&P 500.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $300.51 2.10% Walt Disney Co. (DIS) $113.85 1.70% Caterpillar Inc. (CAT) $351.90 1.42% JP Morgan Chase & Co. (JPM) $192.66 1.24% American Express Co. (AXP) $220.97 1.15% Verizon Communications Inc. (VZ) $39.93 1.11% Amgen Inc. (AMGN) $270.81 0.72% Visa Inc. (V) $285.05 0.71% Cisco Systems Inc. (CSCO) $49.27 0.69% Apple Inc. (AAPL) $173.72 0.64%

Dow Jones - Fallers

Boeing Co. (BA) $179.84 -1.47% Nike Inc. (NKE) $98.76 -0.90% Johnson & Johnson (JNJ) $156.76 -0.90% Unitedhealth Group Inc. (UNH) $486.82 -0.77% Goldman Sachs Group Inc. (GS) $384.37 -0.73% Walgreens Boots Alliance, Inc. (WBA) $20.69 -0.62% Dow Chemical Co. (DOW) $56.74 -0.53% Home Depot Inc. (HD) $371.91 -0.35% McDonald's Corp. (MCD) $278.60 -0.20% 3M Co. (MMM) $104.84 -0.19%

S&P 500 - Risers

Gap Inc. (GPS) $24.69 4.66% Alphabet Inc. Class A (GOOGL) $147.68 4.60% Alphabet Inc. Class C (GOOG) $148.48 4.44% Adobe Systems Inc. (ADBE) $513.86 4.35% Arista Networks Inc. (ANET) $289.32 4.17% Cummins Inc. (CMI) $286.12 4.10% PepsiCo Inc (PEP) $171.26 4.01% Fluor Corp. (FLR) $40.16 3.77% Bread Financial Holdings, Inc. (BFH) $38.37 3.17% CF Industries Holdings Inc. (CF) $85.98 3.07%

S&P 500 - Fallers

International Paper Co. (IP) $34.94 -3.88% Abbott Laboratories (ABT) $112.44 -2.64% VF Corp. (VFC) $14.38 -2.64% Brown Forman Corp. Class B (BF.B) $52.43 -2.40% Analog Devices Inc. (ADI) $191.22 -2.04% Coty Inc. Class A (COTY) $12.09 -2.03% Texas Instruments Inc (TXN) $169.21 -1.92% Incyte Corp. (INCY) $57.34 -1.76% PVH Corp. (PVH) $128.66 -1.61% Waters Corp. (WAT) $347.14 -1.60%

Nasdaq 100 - Risers

Tesla Inc (TSLA) $173.80 6.25% Alphabet Inc. Class A (GOOGL) $147.68 4.60% Alphabet Inc. Class C (GOOG) $148.48 4.44% Adobe Systems Inc. (ADBE) $513.86 4.35% Meta Platforms Inc. (META) $496.98 2.66% Paypal Holdings Inc (PYPL) $64.23 2.20% Netflix Inc. (NFLX) $618.39 2.06% Synopsys Inc. (SNPS) $560.63 1.93% Charter Communications Inc. (CHTR) $296.21 1.91% Trip.com Group Limited (TCOM) $44.25 1.91%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $1.12 -5.08% Vodafone Group Plc ADS (VOD) $8.61 -2.38% Analog Devices Inc. (ADI) $191.22 -2.04% Texas Instruments Inc (TXN) $169.21 -1.92% Incyte Corp. (INCY) $57.34 -1.76% J.B. Hunt Transport Services Inc. (JBHT) $191.08 -1.46% Electronic Arts Inc. (EA) $132.48 -1.33% NetEase Inc. Ads (NTES) $105.76 -1.09% Skyworks Solutions Inc. (SWKS) $103.09 -0.94% Intuitive Surgical Inc. (ISRG) $392.62 -0.92%