The S&P 500 rose for the third day in a row as Tesla advanced

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, March 21, 2022. REUTERS/Brendan McDermid

NEW YORK (Reuters) – The Standard & Poor’s 500 Index rose for a third day in a row on Monday, as a sharp rise in Tesla shares overshadowed weakness in energy and banking stocks, while Russia and Ukraine prepared for their first face-to-face meeting. Face peace talks in more than two weeks.

Electric vehicle maker Tesla Inc (TSLA.O) It jumped 8.03% and was the biggest boost to the S&P 500 and Nasdaq after it said it would seek investor approval to increase the number of its shares to enable stock splits, helping lift the consumer appreciation index. (.SPLRCD) 2.67% is the best performing sector during the session. Read more

S&P power indicator (.SPNY), down 2.56%, was the worst-performing sector in the session after oil prices tumbled in the wake of the shutdown in Shanghai, China’s financial hub, to limit a jump in COVID-19 infections that raised demand concerns. Read more

Exxon Mobil Corporation (XOM.N) Lost 2.81% and Chevron Corp. (CVX.N) It fell 1.75%.

Financial data was also among the weakest sectors of the session, in part due to Morgan Stanley’s downgrade of US banks, which pointed to escalating risks and the possibility that an interest rate hike by the Federal Reserve had already been priced in by the market. S&P . Bank Index (.SPXBK) It drops 0.99%.

The bond market sell-off resumed on Monday, as short-term yields reached their highest levels since 2019 and the yield curve as measured by the gap between five- and 30-year bond yields inverted briefly for the first time since early 2006, raising fears That the more aggressive monetary policy of the Federal Reserve will affect economic growth and possibly cause a recession.

“Finances…so a lot of people buying or owning these on is going to do better in a higher rate environment, so I’m not surprised to see the financials decline compared to what is happening in the bond market,” said Stephen Masuka, senior vice president at Wedbush Securities at San Francisco.

“Of course the commodity names have gone so high and so hot that it’s no surprise that these names are going down, and that’s kind of what brought the market down, but I still think the news for most of these commodity companies is going to be very, very, very good.”

Dow Jones Industrial Average (.DJI) It rose 94.65 points, or 0.27%, to 34,955.89, the Standard & Poor’s 500 . (.SPX) It rose 32.46 points, or 0.71%, to 4,575.52 and the Nasdaq Composite (nineteenth) It added 185.60 points, or 1.31%, to 14,354.90.

The S&P was able to recover from the declines earlier in the session, with the benchmark down as much as 0.6% at one point.

Strong economic data and gains in battered growth stocks have helped major Wall Street indices recover in recent days even as the conflict between Russia and Ukraine continues and a number of Federal policy makers have made hawkish comments about the course of an interest rate hike.

However, analysts note that value stocks remain cheap compared to their growth counterparts.

Meanwhile, Ukraine and Russia said their delegations would arrive in Turkey for peace talks expected on Tuesday. A senior US official said Russian President Vladimir Putin did not appear ready to make concessions, and Ukrainian officials also played down the chances of a major breakthrough in the talks. Read more

poly (Poly.N) Up 52.63% after HP Inc (HPQ.N) It said it would buy the audio and video products maker for $1.7 billion in cash. HP shares fell 2.74%. Read more

Volume on US exchanges was 11.23 billion shares, compared to an average of 14.09 billion shares for the full session over the last 20 trading days.

Low issues outnumbered advanced issues on the New York Stock Exchange by 1.06 to 1; On the Nasdaq, the ratio was 1.08 to 1 in favor of declining stocks.

S&P 500 35 hit new 52-week high and 4 new low; The Nasdaq recorded 48 new highs and 107 new lows.

(Reporting by Chuck Mikolajchak in New York; Editing by Matthew Lewis

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