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S&P, Dow, Nasdaq tracking two-day winning streak before midterm, inflation data


Wall Street in New York City

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Wall Street’s main indexes are on track to end Monday’s volatile session firmly higher, thanks to a late rise in megacap tech companies, with market participants looking to to a tumultuous week of midterm elections, inflation data and corporate earnings.

In the late afternoon, the tech-heavy Nasdaq Composite (COMP.IND) to be up 0.86% at 10,565.80 points, as Meta, Alphabet and Microsoft rose to help counter Apple’s weakness.

The benchmark S&P 500 (SP500) to be 0.95% higher at 3,806.37 points, while the Dow (DJI) outperforms two other averages with Up 1.34% to 32,838.16 points. The blue-chip index is supported by Walgreens Boots Alliance and Boeing.

Of the 11 S&P sectors, 9 were in the green, in which Media Services and Energy were the biggest gainers. The biggest drop in utility.

“History shows that midterms have a big influence on the market as they always seem to be on the rise when it comes to midterms (or Presidential elections),” said Jim Reid of Deutsche Bank. happen as intended. “Our economists’ base case is that Republicans will take over the House but Democrats will maintain their slim majority in the Senate,” he added.

Light calendar of economic data on Monday. Investors will keep a close eye on Thursday’s consumer price inflation report.

“Job growth is slowing, on track to drop below 100,000 next March, pushing unemployment higher. Wage growth appears to be slowing, although the data is not entirely accurate. With recent trends continuing and core CPI suggesting averages, Chairman Powell’s stance will have to change,” said Pantheon Macro.

With over 80% of the S&P 500 (SP500) companies have reported third-quarter results, earnings season has begun to slow down. Entertainment giant Walt Disney, ride-hailing company Lyft and video game makers Activision Blizzard and Take-Two are among the famous names scheduled to make their announcement this week. Major retailers Walmart and Target will open their doors next week.

Among active motorists, eye disorders focus on biological Oyster Score soaring after the manufacturer of the generic drug Viatris agreed to buy it. Pharmaceutical giant Walgreens succeeds after founding unit entered into a transaction worth $8.9 billion. Advanced meta on one major layoffs report. Carvana prolong its decline following Friday’s fallout of a disappointing earnings report and bankruptcy worries.

Turning to the bond market, Treasury yields are higher. 10-year Treasury yield (US10Y) rose 5 basis points to 4.21% and the yield on the 2-year Treasury note (US2Y) increased by 7 basis points to 4.72%. The former gained 16 basis points last week, while the latter gained 23 basis points.

“Terminal yields rise and the curve crosses as Chairman Powell lays the groundwork for a deceleration in growth. JPMorgan analysts said in a note unlikely to move further in the near term, and this hawkish shift justifies the sharp volatility in yields (last week),” JPMorgan analysts said in a note.

Dollar Index (DXY) is also lower 0.7% and trading near 110.1.

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