Dow Set to Open Up Amid Hope for Trump Tariffs
Pretty much everything was rallying on Monday.
The S&P 500 was up 1.5%, trading at its highest intraday level since March 6. Only 43 stocks in the index were falling on the day. The Invesco S&P 500 Equal Weight ETF, a proxy for breadth since it counts every member of the S&P the same, was up 1.4%.
The Nasdaq Composite was up 1.8%, while the Dow was up 503 points, or 1.2%.
Traders were piling into riskier stocks, especially, with the Invesco S&P 500 High Beta ETF jumping 2.5%. On the flip side, bond yields were back on the rise after falling in recent weeks amid the flight to safer assets.
The threat of widespread tariffs on key imports including semiconductors and cars have sent stocks tumbling in recent weeks, as uncertainty among consumers and businesses spiked.
All 11 major S&P 500 sectors were up 0.4% or more on Monday. Consumer discretionary was the leader by far with a 2.9% jump, but health care and consumer staples were the only ones up less than 1%.
Both the S&P 500 and Nasdaq Composite entered correction territory in recent weeks.