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01 Feb 2021 | 15:40

US open: Stocks advance following volatile week

(Sharecast News) - Wall Street stocks were in the green after the bell on Monday as market participants tried to shake off anxiety stemming from last week's speculative retail trading mania. As of 1540 GMT, the Dow Jones Industrial Average was up 0.48% at 30,127.63, while the S&P 500 was 0.90% firmer at 3,747.81 and the Nasdaq Composite started out the session 1.37% stronger at 13,249.39.

The Dow opened 145.01 points higher on Monday, extending modest gains recorded in the final session of a volatile week for stocks.

In focus on Monday was news that ten Republican senators had pleaded with President Joe Biden to consider implement a smaller, more scaled back Covid-19 relief package than his current $1.9trn plan.

The opposition's call came after House Speaker Nancy Pelosi stated the chamber would push to pass a budget resolution, the first step in approving the legislation through reconciliation without votes from the GOP.

Corporate earnings will be in focus again this week, with Warner Music Group reporting after the close on Monday, while the likes of Alphabet, Amazon, Snap, Exxon, Biogen, Pfizer and Chipotle set to update the market on their latest quarterly performances later in the week.

GameStop, the heavily-shorted stock at the centre of last week's frenzied trading, was ahead 3% in pre-market trading, as the Reddit-led trading boom has now seemingly spread to other areas of the market, with futures contracts for silver surging 11% - their biggest single-day jump in over a decade.

On the macro front, manufacturing sector activity in the US continued to surge ahead at the start of the year with the majority of respondents to a closely-followed survey reporting very strong demand. The Institute for Supply Management's factory sector purchasing managers' index dipped from a December reading of 60.5 to 58.7 for January.

Elsewhere, IHS Markit's manufacturing PMI rose to 59.2 in January from 57.1 in December, slightly higher than the flash estimate and market expectations for a print of 59.1.

Lastly, US construction spending rose a modest 1% in December, according to the Commerce Department, as strength in home building offset continued weakness in non-residential construction. The increase follows a 1.1% gain in November.
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