The Dow Jones Industrial Average rallied as much as 300 points Monday, as China-based Tesla rival Xpeng Motors (XPEV) soared on news it plans to buy the smart vehicle unit of ride-hailing app Didi Global.
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Xpeng Motors surged 5.5% Monday morning after the company said it is buying Didi’s smart electric car development business in a deal worth up to $744 million. XPEV shares are rebounding from their 50-day line after a big advance in recent months.
On the markets front, Friday’s jobs report will take center stage heading into the final week of August. A solid report for the month would not assure a rate hike. But a surprisingly soft report — with payroll gains closer to 100,000 — would likely take a hike off the table. Meanwhile, the Commerce Department’s July personal income and spending data comes out Thursday.
