Roku shares trade lower after soaring in their debut last week
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U.S. stock benchmarks on Monday opened at all-time intraday highs on relatively modest moves as equities resumed a record run that could set the tone for the final three months of 2017. The moves for stocks occurred despite a mass shooting event in Las Vegas that is being described as the worst in U.S. history.
What are the stock benchmarks doing?
S&P 500 index advanced by 1.60 points, or 0.1%, to 2,521, hitting a record intraday at 2,522.03, while Dow Jones Industrial Average added 42 points, or 0.2%, at 22,446, touching an all-time high, intraday, at 22,448.90. The Nasdaq Composite Index , meanwhile, tacked on 14 points, or 0.2%, to 6,509, after hitting an intraday peak at 6,511.08
On Friday, the S&P 500 and the Nasdaq Composite finished at all-time closing highs (http://www.marketwatch.com/story/us-stocks-set-for-weaker-open-but-monthly-gains-set-to-remain-intact-2017-09-29), and the Dow finished only 7.50 points below its Sept. 20 record close. The three main benchmarks posted weekly, monthly and quarterly gains.
What are strategists and traders saying?
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Some strategists continue to sound optimistic as the fourth quarter--historically the equity market's strongest--kicks off Monday.
"We think a bullish bias is appropriate for Q4 and would generally feel comfortable adding exposure to stocks with positive technical catalysts, such as breakouts," said Katie Stockton, BTIG's chief technical strategist in a note. A breakout generally refers to a stock rallying to a fresh high.
Read more:Will the stock market live up to the 4th quarter's reputation for strength? (http://www.marketwatch.com/story/will-the-stock-market-live-up-to-the-4th-quarters-reputation-for-strength-2017-09-30)
Which stocks are in focus?
Shares in MGM Resorts International(MGM) dropped 2.8% (http://www.marketwatch.com/story/mgm-resorts-stock-falls-5-premarket-after-mandalay-bay-shooting-2017-10-02)in the wake of a mass shooting at the company's Mandalay Bay property in Las Vegas. A gunman opened fire (http://www.marketwatch.com/story/reports-of-dead-injured-after-mass-shooting-at-las-vegas-concert-2017-10-02) on a crowd at an outdoor country-music concert in Vegas on Sunday night, leaving at least 50 people dead and more than 400 injured.
Gun-maker shares were moving (http://www.marketwatch.com/story/gun-maker-stocks-surge-after-mass-shooting-in-las-vegas-2017-10-02). Smith & Wesson parent American Outdoor Brands Corp.'s(AOBC) stock jumped 2.7%, while Sturm, Ruger & Co. Inc. stocks (RGR) climbed 2.8%. Vista Outdoor Inc., shares(VSTO) were 0.8% higher.
Streaming-media company Roku Inc.'s stock traded 4.2% lower. The new issue surged in its trading debut Thursday, then jumped again Friday.
See:Roku IPO valuation nearly doubles in two sessions (http://www.marketwatch.com/story/roku-ipo-valuation-doubles-in-less-than-two-sessions-2017-09-29)
And read: Wall Street's embrace of Roku ignores the ghosts of GoPro, Fitbit IPOs (http://www.marketwatch.com/story/wall-streets-embrace-of-roku-ignores-the-ghosts-of-gopro-fitbit-ipos-2017-09-29)
Software-giant Oracle Corp.'s stock (ORCL) could see active trading after Chairman Larry Ellison guaranteed late Sunday to offer database warehousing at less than half the price (http://www.marketwatch.com/story/oracles-ellison-guarantees-database-warehousing-at-half-the-cost-of-amazons-2017-10-01) charged by rival Amazon.com Inc.(AMZN)Shares of Oracle rose 0.9% in early trade, while Amazon shares were up about 0.6%.
ESPN-parent Walt Disney Co.(DIS) and cable operator Altice USA Inc.(ATUS) could make moves after they reached a tentative agreement late Sunday (http://www.marketwatch.com/story/altice-disney-reach-tentative-deal-averting-espn-abc-blackout-2017-10-01) to keep Disney's channels on the air for millions of subscribers in the New York area. Disney's stock were up 1%, and shares of Altice were rose 1.2%.
What's driving the market?
Two September reports on manufacturing are due shortly after the opening bell, with one from Markit slated to hit at 9:45 a.m. Eastern Time, followed by ISM's at 10 a.m. Eastern. Economists polled by MarketWatch expect a reading of 58.1% for ISM's index, down from 58.8% in August (http://www.marketwatch.com/story/ism-manufacturing-index-jumps-to-six-year-high-in-august-2017-09-01).
A release on construction spending is also scheduled to arrive at 10 a.m. Eastern, and economists expect 0.4% growth in August.
Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
On the Federal Reserve front, Dallas Fed President Rob Kaplan is slated to take part in a moderated Q&A at the Fed El Paso branch at 2 p.m. Eastern Time.
President Donald Trump is slated to discuss the Vegas shooting at 10:30 a.m. Eastern.
What other assets are doing
Spain's IBEX stock benchmark traded about 1% lower after voters in Catalonia backed secession in a Sunday referendum (http://www.marketwatch.com/story/catalonia-leader-with-90-approval-we-have-the-right-to-be-independent-2017-10-01) that was marred by violent clashes and boycotted by opponents. The euro was losing ground, while the Stoxx Europe 600 (http://www.marketwatch.com/story/european-stocks-rise-for-8th-straight-session-as-euro-slides-after-violent-catalonia-vote-2017-10-02) rose.
Oil futures and gold futures were pulling back, as the ICE U.S. Dollar Index gained. Asian stocks closed mostly higher (http://www.marketwatch.com/story/australian-stocks-power-ahead-leading-asia-pacific-market-gains-2017-10-01), though several bourses were shut for holidays.
See: Brave investors might want to buy the dip on these 2 Catalonia-based banks (http://www.marketwatch.com/story/brave-investors-might-want-to-buy-the-dip-on-these-2-catalonia-based-banks-2017-10-02)
(END) Dow Jones Newswires
October 02, 2017 09:46 ET (13:46 GMT)