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Stocks extended gains as an economic indicator — the March flash Purchasing Mangers Index (PMI) — improved by more than expected. The S&P 500, the Nasdaq 100, and the Dow Jones Industrial Average had all gained at the open following reports that the Trump administration may take a more-targeted approach than initially planned on tariffs it’s set to roll out on April 2.
The White House will probably omit industry-specific tariffs but apply reciprocal levies on nations that account for the bulk of trade with the U.S., the Wall Street Journal (NWSA+0.27%) said, citing an unidentified Trump administration official.
With investors uncertain about what will materialize from Donald Trump’s plans — especially over trade — economic indicators are set to be in focus this week.
The preliminary composite purchasing manager index (PMI) for March rose to 53.5 — consensus had been for 51.7 — from 51.6 in February, driven by an unexpected jump in the services reading to 54.3 from 51.0. The manufacturing measure worsened by more than expected to 49.8. Any number below 50 indicates a contraction.
Canadian Prime Minister Mark Carney called a snap election for April 28 over the weekend. His ruling Liberal party is leading in some polls.
The ShopTalk Conference starts in Las Vegas on Monday and runs through Thursday. It will focus on the future of retail and e-commerce.
Here are some stocks to watch today:
Bayer
Bayer’s (BAYRY+4.96%) ADRs fell 7.4%. The chemical company was ordered by a Georgia jury to pay about $2.1 billion to a plaintiff who claimed its Roundup weedkiller caused cancer, Bloomberg reported. The company said it plans to appeal the verdict. The company has won 17 out of the last 25 trials over the issue.
James Hardie and AZEK
James Hardie (JHX-2.60%) stock fell 16% after unveiling an agreement on Sunday to buy AZEK (AZEK+0.37%) for a total of $8.75 billion, including debt. AZEK investors will receive $26.45 in cash and 1.0340 James Hardie shares for each of their shares. AZEK surged 18%. Both companies make construction materials.
MicroStrategy
MicroStrategy’s (MSTR+1.13%) stock jumped 5.6% after the tech company said it now owns 506,137 Bitcoins.
Nvidia and Palantir
Nvidia’s (NVDA-0.30%) and Palantir’s (PLTR-0.31%) shares rose by about 2% and 5.4%, respectively. Bloomberg News reported that Jack Ma’s Ant Group (BABA-1.41%) has used China-made semiconductors to develop techniques for training AI models that would cut costs by 20%.
Tesla
Tesla’s (TSLA+2.96%) stock gained about 7.7%, extending Friday’s 5.3% gain. The shares have still lost about 19% of their value over the past month.