Sci-tech

Tech stocks lead Wall Street with gains

Tech stocks lead Wall Street with gains”

USA stocks edged higher on Monday afternoon, led by gains in technology stocks as investors were optimistic ahead of earnings.

Last week, the S&P 500 index SPX, -0.05% Dow DJIA, -0.08% and Nasdaq Composite advanced between 0.1% and 0.3%, helped by a rally following Friday's solid U.S.jobs report.

Technology is expected to have had among the strongest earnings growth for the second quarter, according to Thomson Reuters data. "With that I think healthcare obviously comes under pressure as it falls into the void of the unknown", said Art Hogan, chief market strategist at Wunderlich Securities in NY.

Performance of large banks will come into the spotlight later this week as JPMorgan Chase, Citigroup and Wells Fargo are set to report their earnings.

Chris Beauchamp, chief market analyst at IG said: "It is not surprising to see the Nasdaq outperforming the Dow and S&P 500 so far in the USA session, given it is tech stocks that have taken such a battering over the past six weeks".

The healthcare index was down 0.08 percent, weighed down by Johnson & Johnson and Medtronic.

The Dow Jones Industrial Average futures YMU7, -0.10% fell 42 points, or 0.2%, at 21,328, S&P 500 futures ESU7, +0.02% were tilting lower, but by less than a point, or about 0.1%, at 2,421.

Markets closed on a high on Friday after a monthly payrolls report exceeded expectations, giving investors more confidence in the strength of the USA economy.

In addition, Federal Reserve Chair Janet Yellen will give her semi-annual monetary policy testimony before the House Financial Services Committee on Wednesday and Thursday.

Inc shares rose 2 percent to $998.90 ahead of its popular Prime Day shopping festival. Best Buy shares sunk 6 percent on the news.

Advancing issues outnumbered declining ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.34-to-1 ratio favored decliners.



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