Wall Street rises, yields fall, Biden plan in support, Company News

PARIS, Aug 8 (Reuters) – The New York Stock Exchange opened higher on Monday as bond yields tumbled after renewed strain on the monthly U.S. jobs data, but caution could limit gains in the stock market. waiting for new figures on inflation in the United States.

A few minutes after the start of trading, the Dow Jones index gained 255.52 points, or 0.78%, to 33,058.99, the Standard & Poor’s 500 rose 0.86% to 4,180.84 and the Nasdaq Composite took 1.21% to 12,810.81.

The S&P-500 and the Nasdaq ended in the red on Friday after the announcement of job creations well above expectations in July, which revived fears of a three-quarter point hike in the Federal Reserve in September, leading to a sharp rise in Treasury bond yields.

The latter started to fall again, the ten-year falling by almost five basis points to 2.792% and the two-year by two points to 3.2239%.

The main meeting of the week for investors is set for Wednesday with the publication of monthly consumer price statistics in the United States.

Meanwhile, equities are benefiting from better-than-expected Chinese exports in July (up 18% year-on-year) and the US Senate’s passage of the US Senate’s “inflation-cutting” bill on Sunday. the Biden administration, which, among other things, plans measures to lower the prices of medicines and subsidies for the purchase of electric cars.

Among car manufacturers specializing in electrics, Tesla gained 4.58%, Rivian Automotive 6.81%, Lordstown Motors 5.95%.

Down, Nvidia fell 4.92% after warning that its quarterly revenue would be lower than the previous three months.

In M&A news, Signify Health jumps 11.81% after press reports of interest in CVS Health (+0.03%) for a possible takeover and Global Blood Therapeutics takes 4.36% after the announcement of its takeover by Pfizer (-0.38%).

(Writing by Marc Angrand, editing by Kate Entringer)

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