In the dynamic landscape of the stock market, US indices exhibited a marginal uptrend on Monday, anticipating vital economic data set to unveil insights into the future course of the Federal Reserve’s monetary policy.
As of 10:04 a.m. ET, the Dow Jones Industrial Average edged up by 10.14 points (0.03%) to reach 37,315.30. Simultaneously, the S&P 500 marked a gain of 17.45 points (0.37%) at 4,736.64, and the Nasdaq Composite advanced by 54.51 points (0.37%) to settle at 14,868.43.
At the opening bell, the Dow Jones Industrial Average rose by 34.98 points (0.12%) to 37,352.14, while the S&P 500 initiated higher by 12.39 points (0.24%) at 4,731.58. The Nasdaq Composite saw a modest gain of 0.20 points (0.13%) at 14,835.02.
Investors are closely monitoring a lineup of key economic data releases scheduled for the week. The data includes personal consumption expenditures (PCE) and core PCE index for November on December 22, US current account data for Q3, and existing home sales numbers for November on December 20, and initial jobless claims along with revised Q3 GDP data on December 21.
The previous week witnessed mixed results on Wall Street, where the Dow Jones Industrial Average climbed 56.81 points (0.15%) to 37,305.16, the S&P 500 experienced a marginal dip of 0.36 points (0.01%) at 4,719.19, and the Nasdaq Composite added 52.36 points (0.35%) to 14,813.92.
Across the Atlantic, the Stoxx 600 in Europe registered a 0.1% decline as of 11:48 a.m. London time. Meanwhile, the FTSE 100 in Britain rose by 0.4% at 7,606.02 points, the CAC 40 in France lost 0.4% at 7,566.73, and Germany’s DAX edged down 0.3% at 16,704.39.
Asian markets faced a predominantly downward trend on Monday, following the previous week’s rally. The Hang Seng index in Hong Kong dropped 1% at 16,629.23, China’s Shanghai Composite slid 0.4% at 2,930.80, and Japan’s Nikkei 225 fell 0.6% at 32,758.98.
Gold prices observed an uptick on Monday, buoyed by a weakened dollar. Spot gold rose by 0.3% to $2,023.47 per ounce, while US gold futures increased by 0.1% to $2,037.70.
Oil prices experienced gains after BP announced a halt to voyages through the Red Sea due to heightened attacks by Iranian-backed Houthi militants. Brent crude, the global benchmark, rose 0.9% to $77.24 a barrel.
The market dynamics continue to evolve, with investors navigating through economic indicators and global developments, shaping the trajectory of the financial landscape.