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Stocks Rise Monday; Musk Threatens to Drop Deal, DiDi Surges on Probe End

Monday, June 06, 2022 01:41 PM | Nick Dey
Stocks Rise Monday; Musk Threatens to Drop Deal, DiDi Surges on Probe End

During trading Monday, 74 stocks traded to a 52-week high, while 59 stocks bottomed out at new 52-week lows. The S&P 500 is up 0.36% so far today while the Dow is up 0.04%, the Nasdaq is up 0.2%, and the Russell 2000 is up 0.19%.

Stocks are on the rise Monday afternoon. Cryptos are rallying.

News out of China is boosting sentiment. First, the country plans to roll back covid restrictions which was a big boost after this past earnings season showed that the closures weighed on companies operating in the area. Second, The Wall Street Journal reported that the Chinese probe into the ride-hailing company DiDi could conclude as soon as this week. This is boosting other Chinese ADRs as several other tech companies fell under the Chinese government's scope as well.

Amazon.com, Inc. (AMZN) is up 2.8% after the company's 20-for-1 stock split went into effect. Amazon is the latest mega-cap stock to split its stock in order to boost affordability to retail investors.

Lastly, Twitter Inc (TWTR) is losing 1.69% after Elon Musk's latest stall in the Tesla CEO's takeover of the company. Musk is threatening to walk away from the deal if the company fails to provide data on spam and fake accounts.

Sector Highlights

Energy stocks dominated our list of highs today with 35 out of the 74 total stocks that reached their high coming from the Energy sector. The Energy sector is underperforming the market, increasing 0.12% so far on the day. Over the last month, the Energy sector has outperformed the market, increasing 16.66% while the S&P decreased 1.13%.

Energy: BSM, CIVI, COP, CRK, CVI, DINO, DK, EGY, EOG, EPD, ESTE, GLNG, GLOP, GPOR, HES, LPI, MPC, NEX, NOG, NVGS, OAS, PBF, PDCE, PSX, ROCC, SBOW, SD, SJT, TALO, TTI, VLO, VNOM, WLL, WTI, XOM

Financial Services had the second-largest presence on our 52-week highs, with 10 out of 74 highs coming from the Financial Services sector. The Financial Services sector is outperforming the market today, increasing 0.62% so far on the day. Over the last month, the Financial Services sector has outperformed the market, increasing 0.7% while the S&P decreased 1.13%.

Financial Services: ACT, BANF, COOL, CVBF, ETAC, KINZ, OSBC, PGR, UNM, WRB

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