US stocks climbed on Monday, helped by gains in Apple, Microsoft and Merck & Co, as investors set aside worries about the US-China trade war. Shares of Apple Inc rose 2.4 per cent after chief executive officer Tim Cook told a German daily that sales of the company’s newest iPhones were off to a strong start, while JP Morgan raised its forecast for shipment volumes. Apple is struggling to reverse shrinking iPhone sales amid tepid global demand for smartphones.
Also helped by a 0.9 per cent rise in Microsoft Corp, the S&P 500 technology index added 1.0 per cent, leading other sectors. Sentiment on Wall Street got an additional boost after White House trade adviser Peter Navarro dismissed reports that the Trump administration was considering delisting Chinese companies from US stock exchanges as ‘fake news.’ Concerns related to those reports had sent the S&P 500 and Nasdaq to a more than three-week low on Friday.
US-listed shares of Chinese firms Alibaba Group Holding and Baidu Inc rose 0.8 per cent and 1.5 per cent, respectively. The next round of high-stakes trade talks between the world’s two largest economies is scheduled for October.Morning-Market-Note-Tuesday-1st-October