Tech Stocks Leading Upward Move On Wall Street

Stocks have moved mostly higher over the course of the trading day on Monday, adding to the moderate gains posted in the previous session. With the upward move, the major averages have further offset the sell-off late in the session last Thursday.

Currently, the major averages are all in positive territory, with the tech-heavy Nasdaq outperforming its counterparts. While the Nasdaq is up 214.47 points or 1.5 percent at 14,475.97, the S&P 500 is up 21.60 points or 0.5 percent at 4,567.46 and the Dow is up 22.29 points or 0.1 percent at 34,840.56.

As reflected by the standout gain being posted by the Nasdaq, technology stocks have helped lead the way higher on the day.

Shares of Twitter (TWTR) are soaring 30.3 percent after a Securities and Exchange Commission filing revealed Tesla (TSLA) CEO Elon Musk has taken a 9.2 percent stake in the social media giant.

Significant strength is also visible among computer hardware stocks, resulting in the 1.6 percent gain being posted by the NYSE Arca Computer Hardware Index.

Within the hardware sector, computer peripheral maker Logitech (LOGI) is posting a standout gain after Goldman Sachs upgraded its rating on the company’s stock to Buy from Neutral.

Semiconductor and biotechnology stocks have also moved to the upside on the day, with the Philadelphia Semiconductor Index and the NYSE Arca Biotechnology Index both climbing by 1 percent.

Outside of the tech sector, retail stocks are turning in a strong performance in afternoon trading, driving the Dow Jones U.S. Retail Index up by 1.6 percent.

Meanwhile, gold stocks have come under pressure over the course of the trading day, dragging the NYSE Arca Gold Bugs Index down by 1.8 percent. The index is giving back ground after ending last Friday’s trading at a ten-month closing high.

The pullback by gold stocks comes despite an increase by the price of the precious metal, as gold for June delivery is climbing $11.30 to $1,935 an ounce.

Utilities stocks are also giving back ground following recent strength, with the Dow Jones Utilities Average falling by 1.5 percent after ending the previous session at a record closing high.

Traders are also keeping an eye on developments in the ongoing war between Russia and Ukraine, as the conflict continues to impact energy prices.

Ukraine has accused Russia of carrying out a “massacre” in the town of Bucha, and Western nations have reacted to images of dead civilians with calls for new sanctions on Russia.

In U.S. economic news, a report released by the Commerce Department showed new orders for U.S. manufactured goods decreased in line with economist estimates in the month of February.

The Commerce Department said factory orders fell by 0.5 percent in February after surging by an upwardly revised 1.5 percent in January.

Economists had expected factory orders to decrease by 0.5 percent compared to the 1.4 percent jump originally reported for the previous month.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Monday, with the mainland Chinese markets closed for a holiday. Japan’s Nikkei 225 Index rose by 0.3 percent, while Hong Kong’s Hang Seng Index spiked by 2.1 percent.

The major European markets also moved to the upside on the day. While the French CAC 40 Index advanced by 0.7 percent, the German DAX Index climbed by 0.5 percent and the U.K.’s FTSE 100 Index rose by 0.3 percent.

In the bond market, treasuries have climbed off their worst levels of the day but remain in negative territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.7 basis points at 2.404 percent.

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