The stock market gained Monday morning and began to recover from last week's losses as investors anticipated a lower inflation rate to be announced this week. Technology stocks were among Monday's sector leaders. Treasury yields rose.
The Nasdaq composite gained 0.7% after erasing earlier gains. The S&P 500 gained 0.8%, and the Dow Jones Industrial Average rose 0.4%. The small-cap Russell 2000 index gained 0.3%.
Volume rose on the Nasdaq and the NYSE compared with the same time on Friday. The Innovator IBD 50 ETF added 0.5%.
The consumer price index for May is scheduled to be announced on Friday. The consensus estimate by economists as surveyed by Econoday is an 8.2% increase, a slight dip from April's 8.3% rate.
The 10-year U.S. Treasury note increased 8 basis points to 3.02%. The 10-year hasn't closed above 3% since May 11.
China stocks soared 2.7% Monday, as measured by the Hang Seng Index as Beijing continued to ease some Covid restrictions. The Shanghai and Nikkei 225 indexes also gained.
In Europe, the London FTSE 100 index gained 1.1%, while the German DAX rose 1.4% and the French CAC 40 jumped 1.2%.
Stock Market Today: Techs Surge As Apple Takes The Stage
Apple shares gained 0.6% as the company prepared to take the stage Monday to discuss its new products and services.
The consumer electronics giant will kick off its annual Worldwide Developers Conference on Monday with a host of software announcements during a keynote presentation. News from the Apple WWDC keynote could be the next catalyst for Apple stock.
The Cupertino, Calif.-based company might use the event to introduce its recently trademarked RealityOS operating system for future headset computers for augmented reality and virtual reality.
The Technology Select Sector SPDR ETF gained 0.6%.
Amazon stock rose 3.4% after the online retailer's 20-for-1 stock split went into effect Monday. The stock split was announced in March.
Solar energy stocks soared Monday following a Reuters report that the Biden administration will suspend tariffs on solar panels from four countries. Reuters said President Joe Biden will declare a 24-month tariff exemption for solar panels and use the Defense Production Act to promote domestic production.
Enphase Jumps Past Buy Zone On Biden Announcement
Enphase Energy, Sunrun and SunPower all jumped more than 5%.
Enphase soared past its 5% buy zone after hitting its 193 buy point last week off a double-bottom pattern.
Also, solar energy company JinkoSolar jumped past its buy point of 66.47 off a six-month long consolidation.
Also breaking out briefly past their buy points are chemical maker Ashland Global and REIT Vici Properties, which holds real estate for the gaming and hospitality industries. Both stocks then retreated below their buy points.
Spirit Airlines jumped 6% after JetBlue Airways increased its offer to buy the company. JetBlue in May launched a hostile takeover of Spirit. Spirit's shareholders are set to vote on the Frontier merger on Friday. Shares of JetBlue gained 1.8%, while Frontier shares gained 3.2%.
Tesla shares gained 1.3% on Monday, recovering some of its losses on Friday. Tesla stock dived 9.2% Friday after CEO Elon Musk said he plans to slash 10% of his company's salaried workforce.
The price of oil reversed course Monday morning, slipping to $118 a barrel.
Follow Michael Molinski on Twitter @IMmolinski
