US open: Stocks edge higher in quiet trade as 'Santa rally' hopes build

(Sharecast News) - Major indices were in the green early on Monday in quiet preholiday trade ahead of this week's Christmas break.

As of 1500 GMT, the Dow Jones Industrial Average was up 0.20% at 48,233.42, while the S&P 500 advanced 0.45% to 6,865.30 and the Nasdaq Composite came out of the gate 0.57% firmer at 23,439.78

The Dow opened 98.53 points higher on Monday, extending gains recorded in the previous session.

Tech was again at the centre of attention at the open on Monday, as investors continued to rotate back into growth names after last week's softer inflation data helped revive hopes of a yearend "Santa Claus rally". Sentiment was also supported by strength in major tech movers, with chipmakers among the gainers in early dealinga.

Markets will be watching for any final data points before the holidays, particularly as traders weigh whether the recent rebound in tech represents the start of another momentum leg or a latecycle stretch reminiscent of previous boomandbust periods.

As far as Monday's macro slate was concerned, the lone bit of data scheduled for release was the delayed release of the Chicago Federal Reserve's national activity index, which rose to -.0.21 from -0.31 in August, pointing to a milder contraction in economic activity.

No major corporate earnings were scheduled for release on Monday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $37.09 0.74%

Amgen Inc. (AMGN) $329.22 0.56%

Cisco Systems Inc. (CSCO) $78.49 0.08%

Dow Jones - Fallers

Microsoft Corp. (MSFT) $483.19 -0.56%

Apple Inc. (AAPL) $272.86 -0.30%

S&P 500 - Risers

Synopsys Inc. (SNPS) $476.73 2.80%

Apache Corp. (APA) $24.76 2.67%

Diamondback Energy Inc. (FANG) $151.76 2.45%

Micron Technology Inc. (MU) $271.62 2.14%

LKQ Corporation (LKQ) $30.37 2.12%

Meta Platforms Inc. (META) $672.54 2.09%

Microchip Technology Inc. (MCHP) $66.12 1.86%

Qorvo, Inc. (QRVO) $87.08 1.70%

Monster Beverage Corp (MNST) $77.40 1.49%

Texas Instruments Inc (TXN) $178.66 1.34%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $44.36 -5.29%

Fastenal Co. (FAST) $41.66 -1.63%

Seagate Technology Plc (STX) $291.54 -1.63%

Dollar Tree Inc (DLTR) $126.19 -1.29%

Mattel Inc. (MAT) $19.82 -1.25%

Incyte Corp. (INCY) $101.55 -1.11%

Sba Communications Corp. (SBAC) $188.26 -0.92%

Netflix Inc. (NFLX) $93.52 -0.92%

eBay Inc. (EBAY) $83.93 -0.86%

Western Digital Corp. (WDC) $179.73 -0.75%

Nasdaq 100 - Risers

Synopsys Inc. (SNPS) $476.73 2.80%

Tesla Inc (TSLA) $494.67 2.80%

Micron Technology Inc. (MU) $271.62 2.14%

Meta Platforms Inc. (META) $672.54 2.09%

Trip.com Group Limited (TCOM) $73.63 1.95%

Microchip Technology Inc. (MCHP) $66.12 1.86%

Monster Beverage Corp (MNST) $77.40 1.49%

Texas Instruments Inc (TXN) $178.66 1.34%

Skyworks Solutions Inc. (SWKS) $65.49 1.25%

Liberty Global plc Series A (LBTYA) $11.32 1.25%

Nasdaq 100 - Fallers

Mercadolibre Inc. (MELI) $1,963.44 -1.71%

Fastenal Co. (FAST) $41.66 -1.63%

Seagate Technology Plc (STX) $291.54 -1.63%

Qvc Group Inc Series A (QVCGA) $12.30 -1.52%

Dollar Tree Inc (DLTR) $126.19 -1.29%

Incyte Corp. (INCY) $101.55 -1.11%

Netflix Inc. (NFLX) $93.52 -0.92%

eBay Inc. (EBAY) $83.93 -0.86%

Western Digital Corp. (WDC) $179.73 -0.75%

T-Mobile Us, Inc. (TMUS) $195.45 -0.65%