US Stock Market Overview – Stocks Rally Led by Technology, Oracle Wins TikTok BidAmazon continues its hiring spree
US stocks rebounded on Monday, as the tech-heavy Nasdaq Composite surged to lead the markets higher. Oracle was among the best performers in the S&P 500, with shares climbing more than 5% after the tech company won the bidding for the U.S. operations of video-sharing app TikTok. Chip-maker Nvidia rallied 5% after it agreed to buy British chip-designer Arm Holdings for more than $40 billion from SoftBank Group Corp. All sectors in the S&P 500 index were higher, led by Real Estate and Energy, Consumer staples was the worst performer in a robust tape. Natural gas prices moved higher helping to buoy energy shares as hurricane Sally formed in the Gulf of Mexico.
The dollar continued to move lower as the ECB discussed the exchange rate but agreed that there is no need to overreact to its gains. Gold prices moved higher as the dollar declined, helping to buoy mining stocks. The VIX volatility index continued to decline as US stocks rallied falling more than 3% and dropping below 26.
The Treasury Will Review Oracle Purchase of TikTok
The Treasury Department said that it would begin to review an agreement for Oracle Corp. to purchase the US assets of TikTok’s to avoid a ban on the popular video-sharing app. Oracle said Monday that it was part of the proposal submitted by TikTok’s Chinese parent ByteDance Ltd. to the U.S. government.
Amazon to Hire 100,000 People
Amazon. plans to hire 100,000 additional employees in the U.S. and Canada, continuing its hiring spree in the wake of the spread of COVID-19. Amazon said the company would hire full- and part-time positions at dozens of locations, with the new jobs paying at least $15 an hour and including benefits and signing bonuses of as much as $1,000 in some cities.