Updated from 1:53 p.m. ET on Monday, June 19.
Wall Street traded at session highs through to the afternoon session on Monday, June 19, as a recovery from a selloff in major tech names stretched into the new week.
The S&P 500 was up 0.7%, the Dow Jones Industrial Average gained 0.55%, and the Nasdaq added 1.2%.
The Dow was trading above its record high set on Friday, June 16. The blue-chip index has hovered at all-time highs in recent weeks following an upbeat first-quarter earnings season and heading into the Federal Reserve's decision earlier in June to hike interest rates. The Dow and S&P 500 were on track to secure all-new highs by market close.
Tech stocks rebounded on Monday in a reversal from a selloff early last week. The sector snapped back from steady gains secured since the beginning of the year after Goldman Sachs warned investors of overlooked risks.
The FAANG stocks -- Facebook Inc. (FB) , Apple Inc. (AAPL) , Amazon Inc. (AMZN) , Netflix Inc. (NFLX) and Alphabet Inc. (GOOGL) (formerly Google) -- were all higher Monday after taking the brunt of the selloff last week. Before the selloff, those five stocks had been responsible for two-fifths of the S&P 500's gains this year.
Grocery stocks were higher Monday following their selloff on Friday. Supermarket stocks and retailers had fallen Friday after Amazon announced that it would acquire Whole Foods Market (WFM) . Amazon offered $42 a share in an all-cash transaction valued at $13.7 billion. Whole Foods shares rose 0.9% to $43.06 on Monday. Walmart Stores Inc. (WMT) and Kroger Co. (KR) were both higher.
Costco Wholesale Corp. (COST) was downgraded to hold from buy at Deutsche Bank on Monday. Analysts said the bulk-purchase retailer would see increased competition following the Amazon-Whole Foods deal. Goldman Sachs downgraded Costco last week.
Amazon's plans to take on the grocery and retail sectors will be under more scrutiny, said Doug Kass over on our premium site for investors, Real Money. Get his insights with a free trial subscription.
Boeing Co. (BA) gained more than 1% after announcing plans for a new, longer version of its 737 Max jet. The new jet from Boeing is expected to be ready for airlines by 2020. The company also said at the Paris Air Show that it has orders and commitments of more than 240 for the plane from at least 10 customers.
Britain kicked off its formal European Union exit talks Monday, nearly a year after the country voted to leave the bloc. Talks come at a time of high tension amid a backdrop of domestic political chaos, a weakening economy, a spate of deadly terrorist attacks and a fatal fire in a government-run housing project. Negotiators will meet in Brussels to form an agreement on Britain's financial commitments to the bloc, the so-called "Brexit Bill" before they take on the thorny issue of the U.K.'s trade relationship once it leaves the EU in 2019.
Britain's negotiating leverage is arguably at its weakest level in more than a decade after a shambolic snap election result for Prime Minister Theresa May, which surrendered her parliamentary majority and has left her floundering to cut a deal with lawmakers in Northern Ireland in order to stabilize her government, and the ongoing weakness of the economy in the wake of the Brexit vote.
Google announced that it will increase efforts to identify terrorist groups online. In a blog post Sunday, June 18, Google said that it would ramp up technology designed to identify "extremist and terrorism-related videos" and increase the number of independent experts to flag suspect videos on YouTube, among other efforts.
Valeant Pharmaceuticals International Inc. (VRX) rose after hedge fund manager John Paulson was elected to the company's board. Paulson & Co. holds a 5.6% stake in Valeant as of the end of March, making it the drugmaker's largest shareholder.
Altaba Inc. (AABA) climbed more than 4% in its market debut under a new name Monday. Altaba includes the remaining assets of the company known as Yahoo! before its internet properties were sold to Verizon. Altaba consists primarily of a large stake in Chinese e-commerce company Alibaba Group Holding Ltd. (BABA) .
Alibaba could one day be bigger than Apple, argued Alex Frew McMillan on Real Money. Get his insights with a free trial subscription.
Snap Inc. (SNAP) rose 1.5% after signing a two-year, $100 million deal with Time Warner Inc. (TWX) to create up to 10 original programs per year, including scripted comedy and drama. Time Warner's HBO could pitch in on development.
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