The Dow Jones added another 200 points to begin the week, jumping 0.7% as commodities and industrials benefitted from a pivot towards the reopening trade.
This comes after New York legislators announced the city would fully re-open from 1 July, with more than 40% of the US population having now been vaccinated.
The Nasdaq weakened by 0.5% with Amazon (NASDAQ: AMZN) and Tesla (NASDAQ: TSLA) pushing the technology index lower, down 2.3% and 3.5%, respectively.
A survey of materials prices hit the highest level since 2008 as further confirmation that inflation is already here.
Pfizer to begin exports
Shares in COVID-19 vaccine manufacturer Pfizer (NYSE: PFE) jumped 3.1% after receiving approval to begin exporting its successful vaccine.
Mexico and Canada will be the first in the world outside of the US Government to receive exports of the domestically-made shots, with the US finally coming to the party.
Estee Lauder disappoints
Cosmetics group Estee Lauder (NYSE: EL) fell 7.9% after it failed to live up to high expectations, as sales jumped just 16% in the quarter.
US stock market movers
Here’s how other popular US stocks fared overnight, with high-growth tech stocks, in particular, feeling the brunt of the volatility.
- Gap (NYSE: GPS) up 7.2%
- eBay (NASDAQ: EBAY) up 4.2%
- Salesforce (NYSE: CRM) down 2.8%
- DocuSign (NASDAQ: DOCU) down 3.5%
- Etsy (NASDAQ: ETSY) down 4.1%
- Okta (NASDAQ: OKTA) down 5.1%
- Shopify (NASDAQ: SHOP) down 5.1%
- Datadog (NASDAQ: DDOG) down 6.5%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to climb when the market opens on Tuesday. For all the latest, check out Rask Media’s ASX 200 morning report.