Here's how benchmarks started trading after market open:
Stocks rose slightly on Monday as investors looked to stage a rebound from a losing week. The Dow Jones Industrial Average rose over 300 points during the session, but gave back most of those gains as the day progressed. The S&P 500 and Nasdaq Composite also climbed modestly higher at 0.3% and 0.4%, respectively.
Investors have been concerned over the past several weeks that the Federal Reserve could raise interest rates too fast and by too much, sparking a recession. On Monday, the 10-year Treasury yield reached its highest level in nearly a month as market participants sold off bonds in preparation for a possible economic slowdown, rising above 3%.
Adding to fears, analysts at RBC Capital Markets (NYSE: RY) reduced their 2022 year-end S&P 500 target, joining other financial institutions in slashing the benchmark's outlook amid increased economic uncertainty. RBC now sees the S&P 500 closing the year at 4,700 instead of its previous estimates of 4,860. RBC analyst Lori Calvasina wrote in a note: "We are continuing to bake in a slower economic growth backdrop in 2022-2023, but not a recession."
Here's how the market settled on Monday:
S&P 500 Index (NYSE: SPY): +0.31% or +12.89 points to 4,121.43
Dow Jones Industrial Average (NYSE: DIA): +0.05% or +16.08 points to 32,915.78
Nasdaq Composite Index (NASDAQ: QQQ): +0.40% or +48.64 points to 12,061.37
Didi shares rise on report China is ending probe:
Shares of Chinese ride-hailing giant Didi (NYSE: DIDI) surged over 24% on Monday after The Wall Street Journal reported regulators in China are ending their investigations into the company.
The WSJ report said authorities plan to lift a ban on Didi adding new users as early as next week and will reinstate the company's app in domestic app stores, citing sources familiar with the matter. Back in July, the Cyberspace Administration of China accused Didi of illegally collecting users' data and removed the app from domestic app stores following the start of an investigation.
The report also noted that Chinese authorities will end investigations into two other U.S.-listed tech firms--Full Truck Alliance (NYSE: YMM) and Kanzhun (NASDAQ: BZ).
Solar energy stocks pop after White House suspends tariffs:
Solar energy stocks rallied Monday after a Reuters report said the Biden administration will suspend tariffs on solar panel components from Cambodia, Malaysia, Thailand and Vietnam.
President Joe Biden declared a 24-month tariff exemption for solar panel products from several Southeast Asian nations, and announced the use of the Defense Production Act to boost domestic production.
Shares of Array Technologies (NASDAQ: ARRY) popped about 18%, while Sunrun (NASDAQ: RUN) jumped over 11%, SunPower (NASDAQ: SPWR) and Enphase Energy (NASDAQ: ENPH) climbed over 7%, and SolarEdge Technologies (NASDAQ: SEDG) gained over 4%.