S&P 500 top movers: Coty Inc (COTY) extends rally to seven-week highs above $6

S&P 500 clings to modest gains above 3,200 points.
Energy Index rises more than 3% as the top-performing major sector.
Coty Inc (COTY) shares are up more than 22% on Monday.

Eren Sengezer FXStreet

Following Friday's sharp upsurge, major equity indexes in the US stay relatively calm on Monday amid a lack of significant market drivers. As of writing, the Dow Jones Industrial Average was up 0.95%, the S&P 500 was gaining 0.55% at 3,210 points and the Nasdaq Composite was virtually unchanged at 9,826 points.

Among the 11-major S&P 500 sectors, the Energy Index is up 3.2% as investors cheer the OPEC+ agreement to extend output cuts until the end of July while the Materials Index is down 0.7%.

S&P 500 top movers

Cosmetics manufacturer Coty Inc (COTY) shares are rising sharply on Monday. At the moment, COTY is trading at its highest level since April 24th at $6.22, gaining 22.45% on a daily basis. Last week, the company announced that it appointed Chairman Peter Harf as new CEO and said that it reached a deal to sell the majority of its retail hair business to trigger the rally. Moreover, Coty noted that it was in discussions with Kim Kardashian West for a possible collaboration on beauty products.

Meanwhile, Occidental Petroleum Corp (OXY), which rose more than 30% last Friday, is trading at its highest level in three months at $24.35, gaining nearly 7% as the second top-performer.

On the other hand, agricultural chemical and seed producers Corteva Inc (CTVA) is down 3.4% at $29.60 after Monness, Crespi, Hardt downgraded it to 'sell' from 'neutral'.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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