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U.S. Stocks Mostly Higher Amid Tech Sector Rally

WASHINGTON (dpa-AFX) - With traders returning to their desks following the long Independence Day holiday, stocks have moved mostly higher during trading on Monday.The tech-heavy Nasdaq has shown a significant move to the upside, although the Dow has shown a lack of direction over the course of the…

WASHINGTON (dpa-AFX) - With traders returning to their desks following the long Independence Day holiday, stocks have moved mostly higher during trading on Monday.

The tech-heavy Nasdaq has shown a significant move to the upside, although the Dow has shown a lack of direction over the course of the session.

Currently, the Nasdaq is just off its highs of the session, up 338.31 points or 1.3 percent at 26,170.98. The S&P 500 is also up 51.95 points or 0.7 percent at 7,535.19, but the Dow is down 41.69 points or 0.1 percent at 52,858.38.

The surge by the Nasdaq comes amid strength among technology stocks, with computer hardware stocks turning in some of the performances.

Reflecting the strength in the computer hardware sector, the NYSE Arca Computer Hardware Index has shot up by 4 percent.

Shares of Dell Technologies (DELL) are spiking by 5.4 percent after President Donald Trump promoted the company's computers in an Oval Office ceremony ringing the opening bell for the markets.

Substantial strength is also visible among semiconductor and networking stocks, with the Philadelphia Semiconductor Index and the NYSE Arca Networking Index surging by 3.9 percent and 3.7 percent, respectively.

Outside of the tech sector, brokerage stocks have shown a strong move to the upside, driving the NYSE Arca Broker/Dealer Index u by 1.8 percent.

Steel, banking and oil service stocks are also seeing considerable strength on the day, while pharmaceutical, housing and utilities stocks have shown notable moves to the downside.

In U.S. economic news, the Institute for Supply Management released a report showing growth in U.S. service sector activity slowed slightly in the month of June.

The ISM said its services PMI edged down to 54.0 in June after rising to 54.5 in May, although a reading above 50 still indicates growth. The modest decrease matched economist estimates.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday. Japan's Nikkei 225 Index and China's Shanghai Composite Index closed slightly lower, while Hong Kong's Hang Seng Index jumped by 1.1 percent.

Meanwhile, most European stocks have moved to the downside on the day. The French CAC 40 Index is down by 0.5 percent and the U.K.'s FTSE 100 Index is down by 0.4 percent, although the German DAX Index is nearly unchanged.

In the bond market, treasuries have pulled back near the unchanged line after seeing initial strength. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is unchanged at 4.485 percent.