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U.S. Stocks Close Mostly Higher On Late-Day Strength
After showing a lack of direction early in the session, stocks moved mostly higher over the course of the trading day on Monday. With the upward move, the Dow and the S&P 500 set new record closing highs, while the Nasdaq reached its
best closing level in two years.
The major averages rallied to new highs for the session in the final hour of trading. The Dow climbed 224.02 points or 0.6 percent to 38,333.45, the Nasdaq jumped 172.68 points or 1.1 percent to 15,628.04 and the S&P 500 advanced 36.96
points or 0.8 percent to 4,927.93.
The strength that emerged on Wall Street may partly have reflected a notable pullback by treasury yields, with yields giving back ground after moving higher last Friday.
Yields fell to new lows and stocks rallied late in the session as the Treasury Department reduced its estimates for first quarter borrowing.
The Treasury said it expects to borrow $760 billion in the first quarter; $55 billion lower than forecast in October due to projections of higher net fiscal flows and a higher beginning of quarter cash balance.
Earlier in the day, traders seemed reluctant to make significant ahead of several key events this week, including the Federal Reserve’s monetary policy announcement on Wednesday.
While the Fed is widely expected to leave interest rates unchanged, traders will be looking for clues about the likelihood of rate cuts at upcoming meetings.
Recent economic data has led many economists to believe the Fed is unlikely to cut rates in March, as traders had previously hoped.
The Labor Department’s closely watched monthly jobs report is also due to be released later this week along with reports on initial jobless claims, labor productivity and costs and manufacturing activity.
Earnings news is also likely to remain in focus this week, with tech giants Microsoft (MSFT), Apple (AAPL), Meta (META) and Alphabet (GOOGL) among the companies due to report their quarterly results.
Sector News
Software stocks showed a strong move to the upside over the course of the session, driving the Dow Jones U.S. Software Index up by 1.7 percent to a record closing high.
Considerable strength also emerged among gold stocks, as reflected by the 1.5 percent gain posted by the NYSE Arca Gold Bugs Index. The strength in the sector came amid a modest increase by the price of gold.
Biotechnology, networking and semiconductor stocks also moved notably higher as the day progressed, contributing to the surge by the tech-heavy Nasdaq.
On the other hand, airline stocks moved sharply lower on the day, dragging the NYSE Arca Airline Index down by 2.2 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan’s Nikkei 225 Index and Hong Kong’s Hang Seng Index both advanced by 0.8 percent, although China’s Shanghai Composite
Index bucked the uptrend and slid by 0.9 percent.
Meanwhile, the major European markets turned in a lackluster performance on the day. While the French CAC 40 Index crept up by 0.1 percent, the U.K.’s FTSE 100 Index closed just below the unchanged line and the German DAX Index edged
down by 0.1 percent.
In the bond market, treasuries moved back to the upside after ending last Friday’s trading modestly lower. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.9 basis points to 4.091 percent.
Looking Ahead
Trading on Tuesday may be impacted by reaction to the latest U.S. economic data, including reports on home prices, consumer confidence and job openings.
On the earnings front, General Motors (GM), Pfizer (PFE) and UPS (UPS) are among the companies due to report their quarterly results before the start of trading.
February 10:
https://www.howestreet.com/2024/01/china-prohibits-shorting-stocks-mark-leibovit/
https://tinyurl.com/2rd9wv52
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