Wall Street is drifting higher Monday ahead of a week of reports showing how strong U.S. shoppers remain, amid hopes their spending can keep the economy out of a recession.
The S&P 500 was up 0.5% in afternoon trading after flipping an early loss. The Dow Jones Industrial Average was up 7 points, or less than 0.1%, at 35,290, as of 1:19 p.m. Eastern time, and the Nasdaq composite was 0.8% higher.
U.S. Steel jumped to one of the market’s bigger gains, up 33%. It said over the weekend that it rejected a buyout offer from Cleveland-Cliffs and that it’s heard multiple offers.
On the losing end of Wall Street was Nikola, which sank 6.7%. The zero-emission truck company recalled more than 200 of its electric vehicles after an investigation indicated a problem with a component in the battery pack could be the cause of a prior fire. It earlier suggested foul play could be at play in the truck fire at its headquarters.
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