United States stocks rise ahead of inflation, retail sales data

E-mini NASDAQ-100 Index

Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 7, 2018.

The Dow Jones industrial average fell on Monday as investors anxious a trade war could develop after President Donald Trump implemented tariffs on steel and aluminum imports.

Wall Street struggled to hold on to early gains on Monday as losses in industrial stocks including Boeing and Caterpillar more than offset gains in chipmakers and technology companies.

The tariffs would take effect in 15 days with initial exemptions for Canada and Mexico pending the renegotiation of the North American Free Trade Agreement.

Several big industrial stocks continued to fall.

Analysts said with the strong jobs increase and soft wages growth, the report "couldn't be more positive" for the market, suggesting the US central bank probably won't hike interest rates more than three times in 2018. "It's pretty much a continuation of last year's rally, whereas the Dow has all sorts of other companies that may not be growth-oriented".


Futures for the Dow Jones Industrial Average gained 96 points to 25,456.00, while the Standard & Poor's 500 index futures rose 9.45 points to 2,798.00. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are signaling upside, too, with the latter index poised to follow the Nasdaq Composite (IXIC) to fresh record highs.

The U.S. Treasury said in a letter to Singapore-based Broadcom that it had violated a Treasury order by not giving sufficient notice to a national security panel of its plans to redomicile in the United States.

Broadcom gained 3.4 percent while shares in Qualcomm were flat.

Ocular jumped 27 percent after laser and optical fiber specialist Lumen Holdings said it would buy the optical components producer for $1.7 billion.

However, the tech-heavy Nasdaq Composite peaked to a lifetime closing high backed by all-time high touched by shares of Apple Inc and Amazon.com, Inc.

Volume on US exchanges was 6.52 billion shares, compared to the 7.2 billion average for the full session over the last 20 trading days.

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