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US stock market completes major trading following technology stocks

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At the end of last week, the Dow Jones Industrial Average fell 0.5%, while the Standard & Poor's 500 lost 0.4%, while both indices ended in the red for the second week in a row. At the same time, the Nasdaq Composite rose 0.3%, breaking the fall that had been observed for four weeks in a row.

Technology and communications stocks emerged as the top performer in the S&P 500 yesterday. Twitter Inc. jumped 4.8% and Tesla Inc. - by 4.4%. Alphabet Inc., Facebook Inc. and Microsoft Corp. have added more than 2% in price.

Capitalization of Nvidia Corp. increased by 4.1%. The American GPU maker last Friday announced its intention to conduct a 4-to-1 stock split - the largest in its history and the first since 2007.

Market Value of AMC Entertainment Holdings Inc. increased by 13.3%. China's Dalian Wanda Group Co. has reduced its stake in the cinema operator to almost zero, while previously it was the largest shareholder in the American company.

Virgin Galactic Holdings Inc. soared by 27.6%. The aerospace company of British billionaire Richard Branson on Saturday made the third space flight of the VSS Unity spacecraft and the maiden flight from America in New Mexico. This gives investors confidence in the company's space tourism prospects, writes Barron's.

Norwegian Cruise Line Holdings Ltd. have risen in price by 4.7%. The American cruise operator said Monday that it will resume cruises from Seattle to Alaska from August 7th.

Cabot Oil & Gas Corp. and Cimarex Energy Co. fell 6.8% and 7.1% after US oil and gas producers entered into a merger agreement. As noted in their joint press release, the combined company is valued at approximately $ 17 billion.

According to preliminary data released on Friday, the composite purchasing managers index (PMI) in the US, calculated by IHS Markit, rose to a record 68.1 points in May, up from 63.5 points a month earlier.

The indicator in the US industrial sector also updated its record, reaching 61.5 points against 60.5 points a month earlier, while analysts expected the indicator to decline to 60.2 points. The PMI in the services sector jumped to a record 70.9 points from 64.7 points against the forecast of 64.5 points.

Today investors await the publication of the March index of consumer confidence in the United States, which is calculated by the research organization Conference Board, as well as data from the US Department of Commerce on new home sales in March. In addition, this week the US Department of Commerce will publish revised data on changes in GDP in the 1st quarter.

San Francisco Federal Reserve Bank (FRB) Chair Mary Daly said in an interview with Bloomberg that the factors driving US inflation are likely to fade away in early 2022.

Daly predicts that inflation in the country will remain high until the end of 2021. In her view, a number of factors, including supply chain disruptions, semiconductor shortages, and the low base effect are putting upward pressure on prices.

The April Fed meeting minutes, released last week, showed that some Fed members were prepared to discuss a cut in the asset repurchase program at upcoming meetings.

The head of the Federal Reserve Bank of San Francisco noted the correctness of the current monetary policy. She stressed that the authorities need to remain careful as more than 8 million Americans are still unemployed as a result of the pandemic.

The material has been provided by InstaForex Company - www.instaforex.com