(Sharecast News) - Major indices were in the green early on Monday following news that that the Federal government shutdown was "likely to end sometime this week".
As of 1455 BST, the Dow Jones Industrial Average was up 0.49% at 46,416.18, while the S&P 500 advanced 0.70% to 6,710.98 and the Nasdaq Composite came out of the gate 0.96% firmer at 22,897.39.
The Dow opened 225.57 points higher on Monday, extending gains recorded in the previous session as the White House's softening rhetoric on trade talks with China offset concerns over regional banks' lending practices.
Stocks traded higher in early action as sentiment got a boost from reports that Donald Trump had recently exempted dozens of products from reciprocal tariffs and offered to exempt hundreds more, reflecting a growing view within the administration that duties on non-domestically produced goods should be eased.
Treasury Secretary Scott Bessent also said on Friday that US-China relations had "de-escalated" and that he now expected to meet Chinese Vice Premier He Lifeng in the coming week, raising hopes that the threatened 100% tariff hike on Chinese imports from 1 November may be avoided.
Also of note was the ongoing US government shutdown, which has entered its fourth week, with Democrats and Republicans still at odds over federal healthcare subsidies. However, markets were buoyed by comments from National Economic Council director Kevin Hassett, who said the US government shutdown was "likely to end sometime this week", adding that moderate Democrats could help broker a deal. Hassett also noted that the White House was prepared to take stronger action to end the 20-day stoppage if no agreement was reached.
Monday's early moves come following a volatile week for stocks, with major indices ultimately closing higher despite renewed US-China tensions, regional bank losses and weakness in high-growth AI stocks, as a strong start to the third-quarter earnings season and expectations for a 25 basis point rate cut at the Federal Reserve's October meeting helped underpin sentiment.
In the corporate space, Q3 earnings season will heat up this week, with Netflix, Coca-Cola, Tesla and Intel among the big names set to report their latest results this week.
No major data points were scheduled for release on Monday, but traders were getting ready to finally receive some insight into the state of the US economy later this week, with the Bureau of Labor Statistics' consumer price index scheduled to be released on Friday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $38.14 3.06%
Cisco Systems Inc. (CSCO) $70.62 0.70%
Amgen Inc. (AMGN) $300.14 0.45%
Microsoft Corp. (MSFT) $514.23 0.13%
Dow Jones - Fallers
Nike Inc. (NKE) $67.37 0.00%
Salesforce.Com Inc. (CRM) $243.08 0.00%
Apple Inc. (AAPL) $252.29 0.00%
McDonald's Corp. (MCD) $308.09 0.00%
S&P 500 - Risers
Nektar Therapeutics (NKTR) $60.36 4.49%
Micron Technology Inc. (MU) $210.58 4.05%
Wynn Resorts Ltd. (WYNN) $121.96 3.52%
Intuitive Surgical Inc. (ISRG) $461.42 3.43%
Intel Corp. (INTC) $38.14 3.06%
KLA-Tencor Corp. (KLAC) $1,138.65 2.89%
TripAdvisor Inc. (TRIP) $15.74 2.81%
Hologic Inc. (HOLX) $71.81 2.81%
eBay Inc. (EBAY) $94.36 2.55%
Microchip Technology Inc. (MCHP) $66.71 2.42%
S&P 500 - Fallers
Qorvo, Inc. (QRVO) $90.92 -1.31%
O'Reilly Automotive Inc. (ORLY) $100.76 -0.83%
Skyworks Solutions Inc. (SWKS) $74.70 -0.82%
Incyte Corp. (INCY) $86.93 -0.74%
Nvidia Corp. (NVDA) $182.08 -0.62%
CME Group Inc. (CME) $267.19 -0.28%
QUALCOMM Inc. (QCOM) $163.09 -0.22%
Intuit Inc. (INTU) $660.94 -0.07%
Jack Henry & Associates Inc. (JKHY) $152.86 -0.05%
Costco Wholesale Corp. (COST) $936.18 -0.02%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $210.58 4.05%
Wynn Resorts Ltd. (WYNN) $121.96 3.52%
Intuitive Surgical Inc. (ISRG) $461.42 3.43%
Intel Corp. (INTC) $38.14 3.06%
KLA-Tencor Corp. (KLAC) $1,138.65 2.89%
Hologic Inc. (HOLX) $71.81 2.81%
eBay Inc. (EBAY) $94.36 2.55%
Microchip Technology Inc. (MCHP) $66.71 2.42%
Qvc Group Inc Series A (QVCGA) $13.98 1.78%
Broadcom Inc. (AVGO) $355.54 1.78%
Nasdaq 100 - Fallers
O'Reilly Automotive Inc. (ORLY) $100.76 -0.83%
Skyworks Solutions Inc. (SWKS) $74.70 -0.82%
Incyte Corp. (INCY) $86.93 -0.74%
JD.com, Inc. (JD) $32.85 -0.68%
Nvidia Corp. (NVDA) $182.08 -0.62%
T-Mobile Us, Inc. (TMUS) $228.27 -0.46%
Vodafone Group Plc ADS (VOD) $11.64 -0.26%
Biomarin Pharmaceutical Inc. (BMRN) $53.17 -0.23%
QUALCOMM Inc. (QCOM) $163.09 -0.22%
Intuit Inc. (INTU) $660.94 -0.07%
49.00 (0.52%)
0.00