Stocks Hike at Outset, Hoping to Build on Recent Gains

Stocks rose Monday, following the S&P 500's third straight weekly gain, as investors shifted focus to a key inflation report this week.

The Dow Jones Industrials zoomed 279.82 points to 33,083.29

The S&P 500 recovered 38.7 points to 4,183.39.

The NASDAQ Composite dropped 63.02 points to 12,657.56.

The gains came despite Nvidia announcing weak revenue for the second quarter, putting pressure on semiconductor stocks.

Monday’s moves follow a weekly rise for the S&P 500 and the NASDAQ Composite as a surprisingly strong monthly jobs report eased some recession fears. The resilient labor market also signaled that the economy could withstand more rate hikes from the Federal Reserve.

Some clean energy related shares gained after the Senate passed a $430 billion climate bill, the Inflation Reduction Act, which is expected to be passed by the House later this week.

Treasury prices strengthened, lowering yields to 2.77% from Friday’s 2.82%. Treasury prices and yields move in opposite directions.

Oil prices gained seven cents to $89.08 U.S. a barrel.

Gold prices hiked $8.20 to $1,799.40 U.S. an ounce.