U.S. stocks modestly ahead on Monday as investors continued to fret over delays in interest rate cuts – APM Capital Market Report

Wallstreet market 

U.S. stocks were only modestly ahead Monday as investors continued to fret over delays in previously-anticipated interest rate cuts.

The Standard and Poor’s 500 index closed at 5,116.17 points, marking an increase of 16.21 points, or 0.32 percent. Market participants remained cautiously optimistic amidst ongoing economic recovery efforts and corporate earnings reports.

The Dow Jones Industrial Average (DJI) ended the day at 38,386.09 points, up by 146.43 points, or 0.38 percent. The index continued to hover near record highs, supported by strong performances in various sectors.

NASDAQ Composite, the index closed at 15,983.08 points, recording a gain of 55.18 points, or 0.35 percent. Technology stocks showed resilience amid renewed investor interest in the sector.

European market 

In London, the FTSE 100 ended the day at 8,147.03 points, marking a slight increase of 7.20 points, or 0.09 percent. Investors remained cautiously optimistic amidst ongoing economic uncertainties.

In Europe, however, some indices faced challenges. The ESTX 50 PR.EUR closed lower at 4,981.09 points, down by 25.76 points, or 0.51 percent, as concerns over inflation and supply chain disruptions persisted.

The Euronext 100 Index also experienced a slight dip Monday, closing at 1,518.59 points, down by 0.84 points, or 0.06 percent, as investors adopted a cautious stance amidst evolving market dynamics.

In Brussels, the BEL 20 closed marginally higher at 3,886.76 points, up by 11.89 points, or 0.31 percent, amidst mixed sentiments prevailing in European markets.

Over in Frankfurt, the DAX PERFORMANCE-INDEX experienced a marginal downturn, closing at 18,118.32 points, down by 42.68 points, or 0.24 percent. Market sentiment was impacted by concerns over inflation and geopolitical tensions.

Similarly, in Paris, the CAC 40 closed lower at 8,065.15 points, recording a decline of 23.09 points, or 0.29 percent. Investors kept a watchful eye on global economic indicators amid the backdrop of geopolitical unrest.

Asian market

In Asia, the Nikkei 225 in Tokyo displayed resilience on Monday, closing at 37,934.76 points, up by 306.26 points, or 0.81 percent. Positive economic data contributed to the upbeat mood among investors.

In Hong Kong, the HANG SENG INDEX also ended on a positive note, closing at 17,746.91 points, up by 95.76 points, or 0.54 percent. Market participants remained hopeful amidst efforts to stabilize the local economy.

Meanwhile, in China, both the SSE Composite Index and the Shenzhen Index surged ahead. The SSE Composite Index closed at 3,113.04 points, up by 24.41 points, or 0.79 percent, while the Shenzhen Index closed at 9,673.76 points, recording a significant increase of 209.85 points, or 2.22 percent.

In India, the S&P BSE SENSEX closed at 74,671.28 points, up by 941.12 points, or 1.28 percent, reflecting strong investor sentiment. The NIFTY 50 closed at 22,643.40 points Monday, up by 223.45 points, or 1.00 percent, reflecting positive market sentiment.

Commodities 

Gold prices moved little in Asian trade on Monday, seeing little relief from recent losses as traders continued to price in higher-for-longer U.S. interest rates before a Federal Reserve meeting later this week.

Spot gold steadied at $2,334.66 an ounce, while gold futures expiring in June were flat around $2,345.60 an ounce.

Copper prices advance, back at 2-year highs on China hopes.

Among industrial metals, copper prices hit two-year highs on Monday as hopes for strong Chinese demand were boosted by Beijing further loosening restrictions on house buying in major cities, to support the property market.

Three-month copper futures on the London Metal Exchange rose 0.4% to $10,015.0 a ton- their highest level since early-May 2022. One-month copper futures rose 0.2% to $4.5962 a pound.

Oil prices lost more than $1 a barrel on Monday as Israel ceasefire talks in Cairo tempered fears of a wider Middle East conflict, while U.S. inflation data dimmed the prospect of imminent interest rate cuts.

Brent crude futures for June settled at $88.40 a barrel, falling $1.10, or 1.2%. The more active July contract ended at $87.20, losing $1.01 a barrel.

U.S. West Texas Intermediate (WTI) futures settled at $82.63 a barrel, falling $1.22, or 1.5%.

Forex 

In the dynamic arena of global foreign exchange markets, Monday witnessed a variety of fluctuations as major currency pairs experienced mixed movements.

The euro (EUR) made gains against the U.S. dollar (USD), with the EUR/USD pair reaching 1.0718, representing an increase of 0.26 percent compared to the previous trading session.

The Japanese yen (JPY) came under increasing pressure with the yen diving to 156.04, marking a decline of 1.42 percent.

The USD/CAD pair experienced a slight downturn, with the US dollar slipping to 1.3666 Canadian dollars, reflecting a decrease of 0.01 percent.

The British pound (GBP) saw gains against the dollar, as the GBP/USD pair rose to 1.2559, up by 0.57 percent.

The Swiss franc firmed, with the U.S. dollar trading at 0.9107 Swiss francs, ahead by 0.35 percent.

In the Pacific region, both the Australian dollar (AUD) and the New Zealand dollar (NZD) strengthened against the greenback. The AUD/USD pair climbed to 0.6564, marking an increase of 0.52 percent, while the NZD/USD pair rose to 0.5976, up by 0.70 percent.

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Last Updated on 9 months by News Desk 2