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The S&P 500 and Nasdaq Composite rose Monday, boosted by tech shares, as Wall Street tried to recover from a tough week.
The broad market index gained 1.2 per cent, while the Dow Jones Industrial Average added 0.4 per cent, or 151 points. The Nasdaq outperformed, rising 2 per cent.
Investors are buying the dip with the technology sector, which lost 4 per cent last week, as yields fell on Monday. Nvidia rose more than 5 per cent, reaching an all-time high, and Amazon rose more than 2.5 per cent to also lead the Nasdaq higher. Apple also ticked more than 2 per cent higher after Evercore ISI advised clients buy last week’s dip.
The yield on the 10-year Treasury yield, meanwhile, lost nearly 4 basis points to 3.991 per cent.
Boeing, weighing on the Dow, fell more than 6.4 per cent following the temporary grounding of dozens of Boeing 737 Max 9 aircraft for inspections, after a section of an Alaska Airlines fuselage blew out. The Dow was down as much as 216.87 points on the day before making a recovery.
Wall Street is coming off its first losing week in 10 as mega-cap tech stocks such as Apple underperformed, and Treasury yields rose. The Dow Jones Industrial Average dropped 1.5 per cent for the week, and the S&P 500 slid 0.6 per cent. The tech-heavy Nasdaq Composite posted its worst weekly performance since September, falling 3.25 per cent.
This week, traders may gain greater clarity into the path of rate cuts from the Federal Reserve. The December consumer price index is set for release Thursday, followed by the producer price index on Friday. Those numbers should show whether the central bank’s efforts to bring inflation down to its 2 per cent target are taking hold.
Futures
The SPI futures are pointing to a 1 per cent rise.
Currency
One Australian dollar at 7:40 AM was buying 67.18 US cents.
Commodities
Gold has lost 0.82 per cent. Silver has lost 0.17 per cent. Copper has gained 0.47 per cent. Oil has lost 3.82 per cent.
Figures around the globe
European markets closed higher yesterday. London’s FTSE gained 0.06 per cent, Frankfurt gained 0.74 per cent, and Paris closed 0.4 per cent higher.
Asian markets were closed.
Yesterday, the Australian share market closed 0.5 per cent lower at 7,451.55.
Ex-dividends
One company is going ex-dividend. Katana Capital (ASX:KAT) is paying 0.5 cents fully franked.
Note: Figures recorded at 7:45am AEDT. The closing figures and video recording will be available at 9:00am AEDT.
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.
