US sharemarkets ended mixed on Monday as oil prices rose and technology stocks declined. The S&P 500 fell 0.39% to close at 6,343.72, marking a third consecutive decline and leaving the index just over 9% below its recent high. The Nasdaq Composite dropped 0.73% to 20,794.64, while the Dow Jones Industrial Average rose 49 points, or 0.11%, to finish at 45,216.14.
Technology stocks fell more than 1%, while financials and utilities recorded gains. The CBOE Volatility Index moved above 30 during the session. The major indices are coming off a week in which all three recorded their fifth consecutive weekly declines, with the Dow and Nasdaq in correction territory.
Oil and bond markets
Oil prices rose, with West Texas Intermediate crude gaining 3.25% to settle at US$102.88 a barrel, its highest close since July 2022. Brent crude edged up 0.19% to US$112.78 a barrel and is on track for a 55% increase over the month.
The yield on the US 10-year Treasury note declined, falling 9 basis points to 4.35% following comments from Federal Reserve Chair Jerome Powell. Powell said inflation expectations remain “well anchored beyond the short term” and that the central bank is not yet facing decisions on policy changes related to recent developments.
Australian Market Outlook
Australian shares are set to open higher this morning, with S&P/ASX 200 futures up 11 points, or 0.1%, to 8,500.
Locally, the Reserve Bank of Australia will release minutes from its latest policy meeting at 11.30am. February private sector credit data is also due. In China, March manufacturing and non-manufacturing PMI data is scheduled for release at 12.30pm.
