Stocks opened higher Monday, despite an early morning apparent bombing attempt in New York City that snarled the morning commute. Drug makers showed early strength and Bitcoin futures jumped in their debut, while tech stocks generally posted mild gains.
X The Dow Jones industrial average opened to a fractional gain, with Walt Disney (DIS) climbing 1.1% to the top of the index. The Nasdaq Composite gained 0.2%, while the S&P 500 inched up 0.1%.
News reports confirmed the New York City police had taken into custody a suspect who was reportedly injured in an attempt to set off an explosion device at New York's Port Authority bus terminal. The device was only partially detonated, according to reports, and no other injuries or property damage was reported.
The market heads into an unusually busy mid-December week that revolves around a Federal Reserve a rate policy decision on Wednesday, and includes Sunday evening's launch of bitcoin futures trade, an S&P 500 share balance on Thursday and the ongoing congressional effort to reconcile the House and Senate versions of a tax reform package.
Apple Gains, FANGs Weaken As Biotechs, Bitcoin Futures Soar
Apple (AAPL) edged ahead 0.1%, and the FANG stock tech leaders weakened as Alphabet (GOOGL) gave up its early gains and dipped into minor losses. Alphabet remains in a buy range, less than 5% above a flat base buy point at 1008.10.
Biotech stocks were highly active in early trade, with Blueprint Medicines (BPMC) up 22% and Bluebird Bio (BLUE) soaring 17% and Biomarin Pharmaceuticals (BMRN) 10% higher. All rose after releasing positive trial data.
Celgene (CELG) led the S&P 500 with a 2% advance. Celgene and Juno Therapeutics (JUNO) released additional information from a Phase 1 study of a joint-venture treatment of Non-Hodgkin Lymphoma. Juno shares rose a fraction.
Bitcoin held steady above $16,000, as bitcoin futures, which launched on Cboe Global Markets (CBOE) Sunday evening, soaring more than 25% before easing to gains near 15%. Futures are set to begin trade on CME Group (CME) exchanges next week. Among Bitcoin-related stocks, Riot Blockchain (RIOT) spiked 17% and Marathon Patent Group (MARA) vaulted 7%.
Bitcoin Investment Trust (GBTC) popped 6%, and Overstock (OSTK) — an online retailer that accepts bitcoin transactions — swept up 10% in premarket trade.
China's markets posted a strong session Monday and, in the U.S., Weibo (WB) gained almost 2%. The social-networking platform is rising from a test of support at its 10-week moving average, below a 108.40 buy point in a late stage flat base.
Earnings action is light Monday, primarily limited to thinly traded names. Reports due after the close include Casey's General Stores (CASY), which is climbing the right side of an 16-month consolidation and is 113% off a September low. KMG Chemicals (KMG), a stock that ended Friday 8% below a 59.50 buy point in a cup-with-handle base, is also reporting.
RELATED:
The Big Pic: Nasdaq, S&P 500 Tell Different Tales
