U.S. Stocks Open Higher as Tech Bounces; Investors Cheer China Reopening
2022.06.06 17:15
By Liz Moyer
Investing.com — U.S. stocks opened higher on Monday as investors tried to take on a positive tone ahead of this week’s release of consumer price index data for May.
At 9:45 AM ET, the Dow Jones Industrial Average rose 250 points or 0.7%, while the S&P 500 rose 1.2% and the NASDAQ Composite is up 1.4%.
China is relaxing more restrictions after Covid-19 related lockdowns — good news for companies that rely on parts and products produced there. In addition, Chinese internet ADRs and stocks boomed after a report that regulators in that country could be winding down their investigation into ride-hailing company DiDi Global (NYSE:DIDI), a possible signal the crackdown on tech could be easing. DiDi jumped 59%. Alibaba Group Holdings Ltd ADR (NYSE:BABA) jumped nearly 8%, and Baidu Inc (NASDAQ:BIDU) shares rose 5.6%.
Spirit Airlines Inc (NYSE:SAVE) shares rose 3.8% after JetBlue Airways Corp (NASDAQ:JBLU) sweetened its offer for the discount airline. JetBlue shares dipped 0.3%.
Twitter Inc (NYSE:TWTR) shares fell 4% after Elon Musk said the social media company was trying to thwart his access to information about fake accounts. Musk, the CEO of Tesla (NASDAQ:TSLA), told Twitter in a letter on Monday that the supposed lack of access to information was a material breach of the takeover agreement.
Apple Inc (NASDAQ:AAPL) shares rose 1.5% ahead of the company’s Worldwide Developers Conference.
Crude was also rising. Crude Oil WTI Futures inched up 0.5%, to $119.47 a barrel, while Brent Oil Futures rose 0.6%, to $120.42 a barrel. Gold Futures rose 0.1%, to $1,853 an ounce.
