Stock market news live updates: Stock futures jump to recover some losses, silver prices surge – Yahoo Finance

Stocks rose, recovering some losses after last week’s selloff.

The S&P 500 gained nearly 1%, after closing out last week with a 3.3% weekly loss for its worst since October. The information technology and consumer discretionary sectors led advances, while energy and consumer staples lagged. The Nasdaq outperformed as tech shares jumped, and the Dow also rose slightly.

Other asset classes performed even more strongly, fueled by a crowd of retail investors piling en masse into names popularized on the Reddit forum r/wallstreetbets. Silver became one of these traders’ most recent picks, with silver futures (SI=F) spiking more than 11% Monday morning to more than $30 per ounce, hitting the highest level since 2013. The iShares Silver Trust (SLV) added more than 10%, and shares of major silver producers including Fortuna Silver Mines (FSM) and Pan American Silver (PAAS) also spiked.

Elsewhere, Dogecoin (DOGE-USD) added nearly 40% after Reddit and other social media users touted the meme-based cryptocurrency and Tesla CEO Elon Musk made an apparent nod to the token on Twitter last week.

The heavily shorted stocks that legions of online traders initially targeted last week traded mixed. GameStop (GME) shares fell, taking a pause after last week’s 400% rally, while AMC (AMC) and BlackBerry (BB) traded higher. Online brokerages including Robinhood, Webull Financial and E-Trade Financial temporarily blocked buying of many of these volatile shares last week, drawing the ire of users, criticism from lawmakers and a class action lawsuit against Robinhood over the restrictions, which were later eased.

As of Robinhood’s latest update, the number of companies on the app with trading restrictions had been reduced to eight, down from the 50 stocks with restrictions late last week.

“Regulatory actions, broker risk limits, or unexpected losses could all dampen the activity and market impact of retail traders, as Thursday’s temporary reversal made clear,” Goldman Sachs strategists led by David Kostin said in a note. “But otherwise, an abundance of U.S. household cash should continue to fuel the trading boom.”

Story continues

Meanwhile, traders are also gearing up for another packed week of earnings reports from heavily weighted S&P 500 companies, including Alphabet (GOOGL, GOOG) and Amazon (AMZN) after market close on Tuesday.

So far this earnings season, corporate profits have been coming in better than feared. Of the 37% of S&P 500 companies that have already reported fourth-quarter results, 82% beat consensus expectations for earnings per share, according to FactSet data. It this proportion holds, it would mark the second-highest percentage of S&P 500 companies beating earnings estimates in more than a decade.

—

10:12 a.m. ET: Construction spending rose for a third straight month in December as housing market activity soared

U.S. construction spending increased at a 1.0% month-over-month rate in December, the Commerce Department said Monday, representing a third consecutive monthly gain. This followed an upwardly revised advance of 1.1% in November, and beat expectations for a 0.9% rise, according to Bloomberg data.

The December increase was largely driven by a jump in private residential construction, as housing demand during the pandemic sparked a wave of new home building. Private residential construction increased 3.1% over November, and surged by 20.1% compared to December 2019.

Nonresidential construction, however, weighed on growth, dipping 0.8% month-over-month and 4.8% year-over-year. A plunge in construction of lodging facilities anchored this category, with lodging construction down 24% year-over-year amid a drought of travel demand.

—

10:00 a.m. ET: US manufacturing sector activity decelerated more than expected in January: ISM

Manufacturing activity in the U.S. pulled back from a two-year high in January but held in expansionary territory, according to the Institute of Supply Management’s manufacturing purchasing managers’ index.

The headline PMI ticked down to 58.7 from 60.5 in December, according to the monthly report. Consensus economists had expected the index to register at 60.0 for the month. Still, the index held over the neutral level of 50.0 for an eighth consecutive month.

The deceleration came as new orders, production, employment and inventories each retreated from December to January.

—

9:31 a.m. ET: Stocks open higher, extending overnight gains

Here’s where markets were trading shortly after the opening bell Monday morning:

• S&P 500 (^GSPC): +38.93 points (+1.05%) to 3,753.17

• Dow (^DJI): +268.43 points (+0.9%) to 30,251.05

• Nasdaq (^IXIC): +171.63 points (+1.31%) to 13,240.93

• Crude (CL=F): +$0.58 (+1.11%) to $52.78 a barrel

• Gold (GC=F): +$1,868.20 (+0.97%) to $1,8768.20 per ounce

• 10-year Treasury (^TNX): -0.6 bps to yield 1.088%

—

7:15 a.m. ET Monday: Stock futures point higher

Here’s where markets were trading on Monday ahead of the opening bell:

• S&P 500 futures (ES=F): 3,743.00, up 37.75 points or 1.02%

• Dow futures (YM=F): 30,116.00, up 237 points or 0.79%

• Nasdaq futures (NQ=F): 13,042.75, up 131.5 points or 1.02%

• Crude (CL=F): +$0.58 (+1.11%) to $52.78 a barrel

• Gold (GC=F): +$1,870.30 (+1.08%) to $1,870.30 per ounce

• 10-year Treasury (^TNX): -1.7 bps to yield 1.077%

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.

Find live stock market quotes and the latest business and finance news

For tutorials and information on investing and trading stocks, check out Cashay