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U.S. Stock Market Snapshot Technology-Led Stock Rally, Oracle Wins TikTok Offer

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US stocks rebounded on Monday as the technology-intensive Nasdaq Composite surged to lead markets higher. Oracle was among the top performers on the S&P 500, with stocks rising more than 5% after the tech company won the tender for the US operations of video-sharing app TikTok. Chipmaker Nvidia rebounded 5% after agreeing to buy UK chip designer Arm Holdings for more than $ 40 billion from SoftBank Group Corp. All sectors of the S&P 500 index were up, led by real estate and energy, consumer staples being the worst performer in a robust band. Natural gas prices rose, which helped support energy stocks when Hurricane Sally formed in the Gulf of Mexico.

The dollar continued to decline as the ECB discussed the exchange rate, but agreed there was no need to overreact to its gains. Gold prices have increased as the dollar has fallen, helping to support mining stocks. The VIX Volatility Index continued to decline, with US stocks rebounding over 3% and falling below 26.

Treasury to review Oracle’s purchase of TikTok

The Treasury Department said it would begin reviewing a deal allowing Oracle Corp. to buy the US assets of TikToks in order to avoid the ban on the popular video-sharing app. Oracle said on Monday that this was part of the proposal submitted by Chinese parent company TikToks ByteDance Ltd. to the US government.

Amazon will hire 100,000 people

Amazon. plans to hire 100,000 more employees in the United States and Canada, continuing its hiring frenzy in the wake of the spread of COVID-19. Amazon said the company would hire full-time and part-time positions at dozens of sites, with the new jobs paying at least $ 15 an hour and including perks and signing bonuses of up to $ 1,000. in some cities.

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