US Stocks Rise as Tech and Megacap Growth Stocks Advance

Despite opening in the red, US stocks ended the week higher as Apple AAPL, Alphabet AAPL, Microsoft MSFT, and Tesla TSLA all posted gains on Monday.

The S&P 500 increased by 0.4% to 4,297.14 and the Nasdaq Composite by 0.6% to 13,128.05. The Dow Jones Industrial Average increased by 0.5% to 33,912.24 as well.

Consumer goods led the gainers, while the energy sector saw the sharpest fall.

A barrel of West Texas Intermediate dropped by 3.4% to $88.92.

The yield on the US two-year note fell by 5.6 basis points to 3.20%, and the yield on the 10-year note fell by 5.4 basis points to 2.80%.

The Nasdaq 100's top gainers included Tesla, which closed the day up 3%, while megacap giants Apple, Alphabet, and Microsoft rose between 0.3% and 0.6%.

Government bond yields decreased as a result of a decline in a New York manufacturing indicator and below-expected macroeconomic data from China, the second-largest economy in the world. According to a study put together by Bloomberg, the Empire State manufacturing index, published by the New York Federal Reserve, decreased to -31.3 in August from 11.1 in July. The report, which indicates a substantial contraction, is the manufacturing sector's initial reading for August.

According to a report from Daiwa Capital, China's retail sales fell short of forecasts, falling 40 basis points from June to 2.7% year-over-year in July as opposed to the median on a Bloomberg survey of 4.9%. In contrast to the 4.3% increase predicted in a survey put together by Bloomberg, industrial production increased by 3.8%.

In other economic news, the monthly housing market index released by the National Association of Home Builders decreased from 55 in July to 49 in August, falling short of forecasts for a slide to 54 in a survey put together by Bloomberg. A housing crisis has been brought on by the Federal Reserve's tighter monetary policies and consistently high building costs, according to Robert Dietz, chief economist for the NAHB.

Tuesday at 8:30 a.m. ET, the monthly house construction statistics for July will be made public by the Commerce Department.

The late-stage research of Trodelvy in patients with metastatic breast cancer revealed statistically significant findings from the second interim analysis of the primary secondary endpoint of overall survival, according to business news from Gilead Sciences GILD. Shares increased 5.2%, ranking as the second-largest gainer on the Nasdaq 100 and S&P 500.

Illumina ILMN led the S&P 500 index and the Nasdaq 100 on Monday, rebounding from last week's decline after the firm reported Q2 adjusted earnings of $0.57 per diluted share on Aug. 11, down from $1.87 a year earlier. The amount of revenue for the quarter increased from $1.13 billion to $1.16 billion.

Silver down 2.4% to $20.36 per ounce, while gold fell 1.2% to $1,794.70 per troy ounce.