Nuveen chief equity strategist Bob Doll on where investors can find value in today’s market.
U.S. stocks kicked off the week higher.
Continue Reading Below
All three of the major averages registered modest gains early in the session.
In company news, AT&T shares popped after activist investor Elliott Management, led by Paul Singer, called for a shake-up of the telecom and media giant by taking a $3 billion stake. The firm says the stock can be 65 percent higher from current levels if the company takes a number of steps to maximize its assets.
In a letter that is largely critical of the current management, the firm notes:
"The truth remains that AT&T has irreplaceable assets, enormous earnings power and an ability to win in key markets. Particularly when coupled with a depressed valuation that assumes no changes will be made, we believe AT&T presents as a uniquely attractive business and investment opportunity."
Later today, dozens of state attorney generals are expected to announce an investigation into the control of personal data. by Facebook and Google.
TickerSecurityLastChange%ChgGOOGLALPHABET INC.1,202.01-4.31-0.36%FBFACEBOOK INC.186.87-0.62-0.33%MORE FROM FOXBUSINESS.COMTRADE WAR: CHINA IMPORTING FEWER AMERICAN GOODSWORKERS SHORTAGE PUMMELS LANDSCAPING INDUSTRYNADAL WINS US OPEN TOPPING MEDVEDEV
On the hiring front, UPS announced plans to add 100,000 holiday workers, joining the likes of 1-800-Flowers which is adding 8,000. Amazon, also rolling out hiring unrelated to the holidays, with plans to add 30,000 full and part-time roles.
On the economic front, investors are coming off the latest job numbers. The Labor Department said Friday that the U.S. added 130,000 jobs in August, slightly short of the 158,000 projected by economists. Unemployment held at a 50-year low of 3.7 percent.
Overseas, European markets are mixed as data showed a surprise rise in German exports. Germany's DAX added 0.1 percent, London's FTSE was down 0.1 percent and France's CAC was off 0.1 percent.
Japan's Nikkei ended the day 0.56 percent higher, Hong Kong's Hang Seng traded little changed and China's Shanghai Composite finished up 0.8 percent.
The Japanese government released revised economic growth data for the April-June quarter.
The Cabinet Office said gross domestic product, or GDP — the total value of a nation's goods and services — had grown at an annual rate of 1.3 percent. That was slightly lower than the earlier estimate for 1.8 percent growth. The data showed that private demand had grown at a slower rate but government investment had risen higher than the earlier estimate.
Chinese customs data showed Sunday that China's trade with the United States was falling as the two sides prepare for negotiations with no signs of progress toward ending a tariff war that threatens global economic growth.
Imports of American goods tumbled 22 percent in August from a year earlier to $10.3 billion, while exports to the United States, China's biggest market, sank 16 percent to $44.4 billion, according to the data.
The Associated Press and FOX Business' Ken Martin contributed to this article.