U.S. Stocks Open Higher; Applovin up 10%, Robinhood up 9% on Joining S&P 500

Tiger Newspress
Sep 08

U.S. stocks ticked higher on Monday as investors gear up for a data-heavy week that includes two closely watched readings on inflation.

The broad market index climbed 0.2%. The Nasdaq Composite gained 0.5%. The Dow Jones Industrial Average lagged, falling 66 points, or 0.1%.

Investors are awaiting two critical inflation reports this week for more insight into the health of the economy, after weaker-than-expected hiring data on Friday. The producer price index report for August is due out Wednesday morning, followed by the consumer price index on Thursday.

AppLovin, the maker of app-monetization technology, was rising 10% in morning trading, online brokerage Robinhood Markets jumped 9%, and Emcor Group, a provider of construction and maintenance services, gained 1%, after it was announced late Friday thethree stocks would be joining the S&P 500 index before the markets open on Sept. 22.

The three companies will replace MarketAxess Holdings, Caesars Entertainment, and Enphase Energy in the index, according to S&P Dow Jones Indices. Of the three stocks being removed, Enphase was faring the worst, falling 1.2% in morning trading.

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