[TEST] R test 968

The Dow Jones Industrial Average rose 75 points, or 0.2%, while the S&P 500 index and the Nasdaq Composite index advanced 0.34% and 0.44%, respectively.

The early gains in equities come as retail sales rose 0.6% in June, exceeding the 0.4% decline that analysts surveyed by Refinitiv had expected.

As money rotates into stocks, it is coming out of the U.S. Treasury market with the yield on the 10-year note up 3 basis points at 1.33%.

In stocks, rate-sensitive sectors outperformed.

Banks, including JPMorgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Holdings, gained as the yield curve steepened.

Elsewhere, drugmaker Moderna Inc. will be added to the S&P 500, replacing Alexion Pharmaceuticals Inc., which is being acquired by the U.K.’s AstraZeneca Plc. The change will take place ahead of the market’s open on July 21.  

Didi Global Inc. shares were sharply lower after officials from seven Chinese government departments showed up at its Hangzhou headquarters for a cybersecurity review. Shares had fallen 26% through Thursday since debuting for trading at $16.65 apiece on June 30.