Stocks Begin Week Higher in Another Choppy Session…..
U.S. equities closed higher to begin the week, as the markets tried to regain their footing following last week’s losses. The markets endured a choppy session as solid early gains faded away as the day wore on and saw the Dow close near the flatline. Recently volatility has shown little signs of abatement and appears likely to remain in place with inflation data hitting the tape later this week, as the persistent rise in prices has prompted the Fed to become aggressive in its tightening campaign, which in turn has fostered uneasiness about a slowdown in the economy and possible recession. Meanwhile, markets continued to grapple with ongoing global concerns including the war in Ukraine, as well as the ultimate impact of the COVID-induced lockdowns in China, even with more restrictions being lifted in the Asian nation. Treasuries were lower amid a dormant economic calendar, as yields on the longer end of the curve rose. The U.S. dollar was higher, while gold prices and crude oil prices wavered. Europe closed broadly higher, as markets in the U.K. returned to trading after last week’s holidays, while Asia finished mixed as markets in China and Hong Kong rallied.
The Dow Jones Industrial Average rose 16 points (0.1%) to 32,916, the S&P 500 Index gained 13 points (0.3%) to 4,121, and the Nasdaq Composite increased 49 points (0.4%) to 12,061. In moderate volume, 4.3 billion shares of NYSE-listed stocks were traded, and 4.6 billion shares changed hands on the Nasdaq. WTI crude oil moved $0.37 lower to $118.50 per barrel. Elsewhere, the gold spot price decreased $6.50 to $1,843.70 per ounce, and the Dollar Index gained 0.3% to 102.40.
The S&P 500 faltered last week after snapping a streak of seven-straight weekly declines that have come as investors continue to grapple with the ultimate implications of persisting inflation pressures and expectations of an aggressive Fed monetary policy tightening campaign.
Treasuries lower amid dormant economic calendar…..
Treasuries were lower with yields having been choppy as of late, as markets anticipate tighter Fed monetary policy amid the backdrop of persistent inflation and signs of slowing economic growth.
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