Large-Cap Stocks Mostly Lower on Monday, Tech Stocks Gain

Traders work on the floor of the New York Stock Exchange  in New York U.S

Traders work on the floor of the NYSE in New York Thomson Reuters

Goldman Sachs gained 1.1 per cent after announcing that co-president Harvey Schwartz would retire, leaving David Solomon the sole president and next in line to become the investment bank's next chief executive.

The S&P 500 is up 109.41 points, or 4.1 per cent.

Technology (+0.3%) was among the top-performing sectors, with chipmakers setting the pace amid reports that Intel might look to acquire Broadcom, which is itself in pursuit of a deal for Qualcomm.

General Electric rose 2.2 percent and was the biggest boost to the Dow.

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USA stock futures traded higher in early pre-market trade.

"The market was particularly optimistic that wage growth wasn't too hot for fear of inflationary concerns", said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

However, the S&P and the Dow have almost reclaimed those losses.

"Even as the markets are looking fairly positive in general, especially south of the border, it's really a very narrowly-focused group of technology stocks that are carrying nearly all of the gains".

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The S&P 500 index gave up 3.55 points, or 0.1 per cent, to 2,783.02.

About 25 minutes into trading, the Dow Jones Industrial Average was at 25,406.97, up 0.3 per cent. However, trade turned lacklustre through the course of the session as investors exercised caution ahead of data on inflation, retail sales, housing and industrial production, due in the coming days. The S&P 600 closed at 974.13 for a gain of 3.87 points or 0.40%.

Oclaro (OCLR.O) jumped 25 percent and was the most traded stock premarket after laser and optical fiber specialist Lumentum Holdings (LITE.O) said it would buy the optical components producer for $1.7 billion. Lumentum's shares rose 3.8 percent. On the Nasdaq, 1,509 issues rose and 860 fell.

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