Sci-tech

U.S. stock market opens higher

U.S. stock market opens higher”

Apple Inc. (AAPL) declined 0.4% after the technology giant unveiled the new iPhone X. The new iPhone is priced at $999, which makes it Apple's most expensive phone yet.

The benchmark United States indices on Monday surged in widespread relief rally, with the Standard & Poor's 500 hitting a record high on gains across all of its 11 sectors as Irma's downgrade to a tropical storm and easing fears on North Korea prompted a risk-on tone for investors. "The longer this period of calm continues, the more relaxed investors will become which will be better for riskier assets, while safe havens will continue to experience unwinding".

The gains came on the heels of a solid rally Monday after Hurricane Irma caused less damage in Florida than feared, and as anxiety about North Korea's nuclear programme diminished.

"There's a relief factor, at least for the moment, that the North Korea situation has gone a little bit quiet, and the fact that the hurricane over the weekend was not as bad as expected", said Dave Donabedian, chief investment officer of CIBC Atlantic Trust Private Wealth Management.

The wider S&P 500 added 6.62 points in early trade, climbing by 0.26% to 2,494.73.

Crude oil was about 0.46 percent higher with prices at $48 per barrel. Apple's release date of November 3 was later than some investors had expected.

"There were no blockbuster surprises although what they're doing with the products is all pretty good", said Ghriskey.

McDonald's Corporation (NYSE:MCD) is among the worst stocks on the S&P 500 today, and is leading the Dow laggards, down 3.3% at $156.21, amid reports of a lackluster third-quarter sales estimate from MScience. Investors in banks, whose profits are boosted in part by higher rates, were reacting to a jump in U.S. Treasury 10-year yields to a three-week high after a 10-year note auction.

Financial firms were among the biggest gainers, while real estate and utility firms lagged.

About 5.91 billion shares changed hands on USA exchanges, above the 5.79 billion 20-day average.



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