Stocks opened modestly higher but trimmed already-slim gains early into Monday’s session.
Apple (AAPL) was a big winner in the Dow, up 1.8%, on rumors of large iPhone 7 orders. Apple suppliers rose across the board. IBD 50 name Universal Display (OLED) gapped up 8.6%, helped by positive comments from Goldman Sachs. Broadcom (AVGO) was making a go at reclaiming its 50-day moving average, rising 1.4% in fast turnover.
The Nasdaq was up 0.3%, the Dow Jones industrial average added 0.1%, and the S&P 500 was flat on the stock market today.
Boston Fed President Eric Rosengren told the Financial Times that the conditions for the Fed’s second rate hike were “on the verge of being broadly met.”
Rosengren is widely known as a Fed dove, so the reported comments appeared to carry more weight. Early last week, the odds of a rate hike at the June Fed meeting were in the low single digits, according to CME Group FedWatch. Now, they’re at 26%.
Other early movers included Ebix (EBIX). Shares of the top-rated enterprise software firm rose 1.3% after the company declared a 3-for-1 stock split.
Meanwhile, Tribune Publishing (TPUB) rejected a sweetened offer from Gannett (GCI). Tribune also announced a $70.5 million investment from Nant Capital LLC. Tribune shareholders didn’t like the news, as shares plunged 16%.