The tech-heavy Nasdaq led gains among the main Wall Street indexes on Monday, boosted by shares of Amazon and Tesla, while signs of a cooling labor market supported bets of a slower pace of interest rate hikes by the Federal Reserve.
Amazon.com Inc (AMZN.O) rose 3.4% after Jefferies said it saw cost pressures easing for the e-commerce giant in the second half of the year.
Tesla Inc (TSLA.O) climbed 7.5% after the electric-vehicle maker indicated longer waiting times for some versions of the Model Y in China, signaling the recent price cuts could be stoking demand.
Other rate-sensitive growth stocks like Apple Inc (AAPL.O) and Alphabet Inc (GOOGL.O) gained about 1% each as U.S. Treasury yields declined.
The gains pushed technology (.SPLRCT) to the top of the major S&P 500 sector indexes list. The S&P 500 growth index (.IGX) was up 3.6%, outperforming a 0.7% rise in its value peers (.IVX).
This report’s information was first seen on REUTERS; to read more, click this link.
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