- The Dow moved higher for the first time in more than a week Monday, rising 0.14%.
- Intel stock rebounded from last week's losses to lead the Dow higher on a day of light trading.
- Verizon dropped nearly 2% after announcing the departure of a top executive.
The Dow Jones Industrial Average finished higher by 0.14%, or 48 points, after see-sawing between gains and losses throughout the trading session. It’s the first time in six sessions that the Dow has finished in the green. The S&P 500 and Nasdaq also rose.
Many investors sat on the sidelines in advance of developments set for later this week, with trading volume coming in at a little over half of the average. President Biden is scheduled to meet with members of Congress Tuesday to negotiate raising the debt ceiling. Investors also await retail sales and housing data set to be released tomorrow.
Intel (INTC) was the best-performing stock in the index. Shares rose 3%, rebounding from last week’s sell-off after the company said it was beginning another round of layoffs. The semiconductor maker posted its biggest-ever quarterly loss in April amid a slowdown in PC sales.
Salesforce (CRM) moved up nearly 1% after last week’s announcement it was integrating more artificial intelligence tools into its services.
American Express (AXP) was also up about 1% after a New York Fed report showed U.S. credit card balances were flat in the first quarter, a time when Americans usually pay down credit card debt.
Verizon (VZ) was the worst-performing stock in the Dow 30, dropping almost 2% after the cell phone service provider announced its chief marketing officer Diego Scotti was leaving after nine years in the role.
Healthcare stocks UnitedHealth Group (UNH) and Johnson & Johnson (JNJ) also lagged the index, slumping almost 1%.
Microsoft (MSFT) stock was little changed despite EU regulators' approval of its $69 billion purchase of Activision Blizzard. The company still faces resistance from U.S. and U.K. regulators, both of which have taken steps to block the deal.
Several Dow constituents report their latest quarterly earnings this week. Home Depot (HD) will report earnings before the bell tomorrow, with Cisco Systems (CSCO) earnings coming after markets close on Wednesday and Walmart (WMT) reporting on Thursday morning.