stock market news today [Video]

Financial Planners

US stocks rocked on Monday, with the S&P 500 (^GSPC) flat, the Dow Jones Industrial Average (^DJI) down 0.22% and the Nasdaq Composite (^IXIC) at 10:20 a.m. ET slightly above the flat line.

Fed next week after strong jobs data and Friday’s passage of the U.S. debt ceiling gave investors grounds for hopes after the U.S. major stock indices closed higher on Friday. The attention on the policy meetings of the Council has increased further. President Joe Biden signed the bill into law over the weekend.

Oil prices rose on Sunday after Saudi Arabia announced it would cut production by another 1 million barrels per day from July, but the gains so far have slowed. The world’s top oil exporters are unilaterally tackling voluntary cuts as the Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreed at a meeting this weekend to stick to current oil production targets through 2024.

US benchmark WTI crude futures rose more than 2% to $73.62 on Monday morning, while global benchmark Brent crude futures rose 2.43% to trade at $78.01 a barrel.

Meanwhile, U.S. Treasury yields lost momentum, with the benchmark 10-year Treasury yield dropping to 3.66%. Two-year bond yields fell to 4.43% and 30-year bond yields fell to 3.86%. The dollar rose against a basket of major currencies.

Investors are speculating that the Fed will likely keep rates unchanged at its June 13-14 meeting, but will likely raise rates again later in the summer.

“Right now, the market is pricing in a rate hike probability of about one-third next week, and if the report is strong, the CPI is probably the main factor driving that probability towards a rate hike,” said Deutsche Bank’s Jim Reed et al. Maybe,” Jim Reid of Deutsche Bank and others said in a letter. Monday morning client.

“If the Fed wants to somehow subtly communicate to the market for next week, well-positioned media stories may surface. “It seems unlikely before the CPI because it’s not. But there’s a fair amount of uncertainty back about the Fed’s outlook in the near term,” Reed added.

On the economic front, investors have digested data that showed new orders for U.S. manufactured goods rose 0.4% month-on-month in April, slowing from a downwardly revised 0.6% increase last month, the U.S. Census Bureau said Monday. said it fell short of economists’ expectations. increased by 0.8%.

Separately, May’s ISM services PMI fell to 50.3 from 51.9 in April, its lowest level since May 2020 and also below the forecast of 52.4.

FILE - People stand outside the Steve Jobs Theater before an event in Cupertino, California, Wednesday, September 12, 2018.  If Apple hits theaters on Monday with its much-anticipated headset with mixed-reality tech, it will be the company's. The biggest new product since the introduction of the Apple Watch nearly a decade ago.  (AP Photo/Marcio Jose Sanchez, File)

FILE – People stand outside the Steve Jobs Theater before the event on Wednesday, September 12, 2018 in Cupertino, California. Apple will hold its annual event on Monday. (AP Photo/Marcio Jose Sanchez, File)

Elsewhere, Apple Inc. (AAPL) will announce new hardware products at its Worldwide Developers Conference in Cupertino, California on Monday. Shares of the iPhone maker rose Monday morning and were poised to close at record highs.

In other news, Palo Alto Networks (PANW) shares surged more than 3% after news that DishNetwork (DISH) would replace Dish Networks (DISH) to join the S&P 500 index.

Separately, Bitcoin (BTC-USD) fell below $27,000 and Ethereum (ETH) fell to $1,866.


Dani Romero is a reporter for Yahoo Finance. follow her on her twitter @daniromerotv

Click here for the latest stock market news and in-depth analysis, including events that move stock prices

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app apple again android

Follow Yahoo Finance twitter, Facebook, Instagram, flip board, LinkedInand YouTube

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *