How major USA stock indexes fared Monday

E-mini S&P 500 Index

Shares of Micron Technology rose 8.8 per cent to $US59.37 after analysts at Nomura raised their target for the stock to $US100.

Shares of companies such as Boeing Co, down 2.6 per cent, and Caterpillar Inc, down 2.3 per cent, have been under pressure as Trump's protectionist stance on steel and aluminum imports could increase costs and hamper sales overseas.

Retailers including Amazon and Starbucks also made headway.

The Dow Jones Industrial Average closed at 25,178.61 for a loss of -157.13 points or -0.62%. The Nasdaq composite gained 27 points, or 0.4 percent, to 7,588, another record high.

The S&P 500 in response is just 3 percent below record highs hit on January 26 while the Nasdaq is back to a record.

South Korea rose one per cent while Japan's Nikkei jumped 1.2 per cent, showing little immediate reaction as Prime Minister Shinzo Abe came under renewed fire over suspicions of cronyism involving the sale of state-owned land.

The S&P 500 and the Dow Jones Industrial Average slumped on Monday as the USA tariffs signed into law last week by President Donald Trump weighed on industrials, though gains in tech stocks boosted the Nasdaq.

Boeing and other industrial companies fell Monday, giving back some of the ground they won late last week.

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. Over the year, average hourly earnings have increased by 68 cents, or 2.6 percent, lower than market expectations.

Wall Street had its worst two weeks in two years last month as fears of higher wages, inflation and interest rates triggered a selloff that dragged the main indexes into correction territory.

Several stocks were moving on deal news.

Oclaro jumped 27.5 per cent after laser and optical fibre specialist Lumentum Holdings said it would buy the optical components producer for $US1.7 billion. The S&P 500 technology sector gained 0.31% for the day.

The Dow Jones industrial average rose 71 points, or 0.3 percent, to 25,410.

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