U.S. Stocks Open Higher as Tech Bounces; Investors Cheer China Reopening By Investing.com


© Reuters.

By Liz Moyer

Investing.com — U.S. stocks opened higher on Monday as investors tried to take on a positive tone ahead of this week’s release of consumer price index data for May.

At 9:45 AM ET, the rose 250 points or 0.7%, while the rose 1.2% and the is up 1.4%.

China is relaxing more restrictions after Covid-19 related lockdowns — good news for companies that rely on parts and products produced there. In addition, Chinese internet ADRs and stocks boomed after a report that regulators in that country could be winding down their investigation into ride-hailing company DiDi Global (NYSE:), a possible signal the crackdown on tech could be easing. DiDi jumped 59%. Alibaba Group Holdings Ltd ADR (NYSE:) jumped nearly 8%, and Baidu Inc (NASDAQ:) shares rose 5.6%.

Spirit Airlines Inc (NYSE:) shares rose 3.8% after JetBlue Airways Corp (NASDAQ:) sweetened its offer for the discount airline. JetBlue shares dipped 0.3%.

Twitter Inc (NYSE:) shares fell 4% after Elon Musk said the social media company was trying to thwart his access to information about fake accounts. Musk, the CEO of Tesla (NASDAQ:), told Twitter in a letter on Monday that the supposed lack of access to information was a material breach of the takeover agreement.

Apple Inc (NASDAQ:) shares rose 1.5% ahead of the company’s Worldwide Developers Conference.

Crude was also rising. inched up 0.5%, to $119.47 a barrel, while rose 0.6%, to $120.42 a barrel. rose 0.1%, to $1,853.

 

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