US stock markets broke a five-day losing streak, with the Dow Jones leading the way, up 0.8%, on the back of another positive outlook statement from oil cartel OPEC.
The S&P 500 was held back by the big tech names, up just 0.2%, and the Nasdaq down 0.1% once again.
The market and investors are struggling to find direction, preferring to move on company-specific announcements or new economic data to reposition portfolios, which is actually a positive for longer-term investors willing to buy and hold.
Apple release ahead, Alibaba hit again
Apple (NASDAQ: AAPL) was flat despite confirming its latest product launch will go ahead in the early hours of Wednesday Australian time, with investors and tech geeks alike waiting to hear about the latest updates.
Alibaba (NYSE: BABA) fell 4% on Asian markets but only 1.6% in the US after the regulator reportedly ramped up pressure to break up the all-conquering payments app, Alipay. China remains a fertile hunting ground but primarily for those sectors outside of the regulator’s eye.
Finally, the US Government has proposed a 2% tax be applied to popular stock buyback strategies as they seek to balance the budget.
Featured: Why companies buy back their shares
US stock market movers
Here’s how other popular US stocks started the week on Monday.
- Intel (NASDAQ: INTC) up 2.1%
- Boeing (NYSE: BA) up 2.0%
- Alphabet (NASDAQ: GOOGL) up 1.1%
- Nike (NYSE: NKE) down 2.5%
- Twitter (NYSE: TWTR) down 3.1%
- Zoom (NASDAQ: ZM) down 3.7%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open lower on Tuesday. For all the latest, check out Rask Media’s ASX 200 morning report.
