US stocks open higher to cancel out last week’s rout

US stocks rose sharply today to help claw back sharp losses registered in last week’s deeply volatile trading environment.

The blue-chip S&P 500 jumped 0.95 per cent to 4,483.95 points, while the Dow Jones climbed 0.72 per cent to 35,372.11 points.

The tech-heavy Nasdaq was on track for another record high, surging 1.59 per cent to 14,948.36 points in mid-morning trading.

Gains were driven by rising commodity prices boosting industrial stocks, helping to lift the US’s main benchmarks away from the depths of last week’s rout.

Yields on 10-year Treasuries hovered around 1.25 per cent.

Commodity price surge: FTSE 100 hoisted by energy and mining stocks

Following its worst week since February, the FTSE 100 has been lifted by surging commodity prices boosting energy and mining stocks.

The capital’s premier-index closed up 0.3 per cent to 7,109.92 points.

Gains on the blue-chip index came as investors digested latest PMI data which showed the UK economy’s post-lockdown boom stalled this month as firms continued to struggle with staff shortages as a result of the so-called ‘pingdemic’.

Energy and mining heavyweights BP, Royal Dutch Shell, Glencore, Anglo American and Antofagasta drove the blue-chip higher today, all benefitting from a global commodity price surge.

Craig Erlam, senior market analyst at OANDA Europe, said: “We’re starting off the week in a corrective manner, with the moves late last week being partially reversed as calm returns to the market.”

“There’s a growing amount of uncertainty in the markets as we head into September. The delta surge we’re seeing in so many countries now is a significant growth risk for the final quarter.”

The mid-cap FTSE 250 briefly touched a record high today, but closed the day 0.04 per cent lower at 23,740.49 poins, while AIM shares added 0.38 per cent to reach 1,265.97 points.

Winners and losers

Sainsbury’s was by far the day’s biggest winner after investors piled into the supermarket’s shares amid reports it is an acquisition target for US private equity firm Apollo. Its share shot up 15.37 per cent to 340p today.

Aerospace engineer Rolls Royce was the second best performer on the day, climbing 3.25 per cent to 113.74p, while miner Evraz was up 2.9 per cent to 560p.

Telecomms giant BT led the losses on the FTSE today, slipping 3.03 per cent to 168.15p. Energy supplier SSE lost 1.89 per cent to close at 1,635p and hedge fund Pershing Sqaure dipped 1,77 per cent to 2,495p.