U.S. Stocks Open Higher as Investors Stage a Rebound By Investing.com

By Liz Moyer

Investing.com — U.S. stocks opened higher on Monday as investors tried to put a tough week for stocks in the rearview mirror.

At 9:54 AM ET the was up 468 points, to 1.6% while the was up 2.1% and the was up 2.6%.

The S&P had its worst week since 2020 last week as fears of a recession intensified after the Federal Reserve raised interest rates another three-quarters of a percentage point and suggested more of the same was to come in July.

Treasury Secretary Janet Yellen appeared on the Sunday news shows in the U.S. over the weekend to say she expects a slowdown but a recession isn’t inevitable.

Fed officials have taken a similar stance in recent days, including St. Louis Fed President James Bullard, who on Monday played down fears of a recession but warned that inflation posed risks.

Shares of Kellogg Company (NYSE:) rose 4% after the company said it would split into three distinct businesses, including cereals in the U.S., snack food and international cereals, and plant-based food.

Spirit Airlines Inc (NYSE:) shares rose nearly 5% after JetBlue Airways Corp (NASDAQ:) added another $2 a share to its takeover offer.

Tesla Inc (NASDAQ:) shares rose 7% after CEO Elon Musk said the plan was to cut 10% of salaried employees, which would result in a reduction of 3.5% of its total workforce.

Oil rebounded. was up 2% to $110.25 a barrel and was up 1.2% to $115.46 a barrel. was flat at $1,839 an ounce.