- S&P 500 clings to modest gains following a dismal start.
- Gap Inc (GPS) shares surge on Monday on Wells Fargo’s upgrades.
- Cruise liner stocks continue to underperform on coronavirus fears.
Wall Street’s main indexes started the first day of the week in the negative territory but didn’t have a tough time paring early losses. As of writing, the S&P 500 was up 0.42% on the day at 3,110 points.
Among the 11 major S&P 500 sectors, the Technology Index is up 1.6% on the day. On the other hand, pressured by the National Association of Realtors’ (NAR) report that showed a decline of 9.7% in Existing Home Sales in May, the Real Estate Index is down 0.57%.
S&P 500 top movers
Earlier in the day, Wells Fargo announced that it upgraded its rating for Gap Inc (GPS) to ‘overweight’ from ‘underweight’ and raised the price target to $19 from $8. Boosted by this development, GPS is up 8.9% on the day at $11.61 as the top performer. Additionally, Chipotle Mexican Grill Inc (CMG) and Carrier Global Corp (CARR) are both up around 5%.
Meanwhile, after the number of confirmed coronavirus cases increased by 183,000 to mark its biggest daily surge on Sunday, cruise liner stocks continue to suffer heavy losses. As of writing, Royal Caribbean Cruises Ltd (RCL), Norwegian Cruise Line Holdings Ltd (NCLH) and Carnival Corp (CCL) shares were losing 7%, 6.65% and 4.8%, respectively.
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