The tech heavy Nasdaq composite led gains among major indexes Monday morning as investors reacted to Russia's withdrawal from some regions of Ukraine. Meanwhile, economists expected inflation data due out on Tuesday to show it's slowing. Apple (AAPL) stock gained more than 3%. Energy stocks led sectors.
XThe Nasdaq composite traded 1% higher. The Dow Jones Industrial Average gained 0.6% while the S&P 500 was up 0.8%. The Dow and the QQQ (QQQ), an ETF representing the top 100 stocks in the Nasdaq, are now above their 50-day lines, and the Nasdaq has some more space above its own 50-day line.
The small-cap Russell 2000 index was up 1.1%.
Volume fell slightly on the Nasdaq and rose on the NYSE vs. the same time on Friday.
Stock Market On Track For Second Straight Up Week
The Dow Jones closed last week up 2.7%, snapping a three-week losing streak. Other major indexes also performed in similar fashion last week.
U.S. crude oil prices rose nearly 2% on Monday, trading at around $88.40 per barrel. The S&P Energy Select Sector ETF (XLE) gained 1.9% Monday, leading all S&P sectors. All 11 sectors gained Monday.
The Innovator IBD 50 ETF (FFTY) gained 0.2%, led by energy stocks Comstock Resources (CRK), Devon Energy (DVN) and Pioneer Natural Resources (PXD). Commodity stocks Steel Dynamics (STLD) and CF Industries (CF) were a counterbalance to oil stocks as they both dropped more than 3%.
U.S. consumer-price inflation data, due Tuesday, dominates investors' focus this week. The CPI data is expected to show August was the second month of cooling inflation pressures after hitting a four-decade high in July. The Econoday consensus is for an annual rate of 8%, after last month's 8.5%. The figures will help Fed officials gauge how much further they need to lift interest rates.
Markets are already writing off a 75-basis point hike as a given for an inflation-fighting measure when the Federal Reserve meets next week. Investors now see an 88% chance of a 75-basis-point hike vs. a 12% likelihood the Fed will boost rates by 50 basis points, according to the CBOE's Fed Watch tracking tool.
Separately, President Joe Biden's approval rating bounced higher over the past month, helped by lower gas prices and a series of legislative wins, a new IBD/TIPP Poll finds. Younger Americans, in particular, rallied around Biden following approval of the climate-focused Inflation Reduction Act and his decision to forgive up to $20,000 in college loans. Biden's approval rating jumped 6.6 points to 49, the highest since April.
The 10-year U.S. Treasury note's yield slipped one basis point to 3.28%.
European Markets Gain Sharply
European markets all gained sharply on Monday after Russia withdrew more forces from the Kharkiv region of Ukraine as Kyiv's forces continued their push into Russian-occupied territory and the government pledged that all areas seized by Moscow would be retaken.
The London FTSE 100 gained 1.7%, the German DAX rose 2.4% and the French CAC 40 was up 2%.
The price of Bitcoin rallied, topping $22,000 for the first time since Aug. 19.
Apple Gains, Overtakes 50-Day Moving Average
Apple shares rose 3.3%, signaling a move back above the 50-day moving average and a slight rise above the 200-day line. The stock is about 10% away from a buy point at 176.25 off a cup with handle.
Microsoft (MSFT) gained 0.9% as it followed the gains in the technology sector.
Oracle (ORCL) gained 1.3% ahead of earnings that are due out today after the close of business. FactSet analysts expect it to earn $1.07 a share on sales of $11.44 billion for the August quarter.
Tesla (TSLA) stock gained 1.2% and Amazon.com (AMZN) rallied 1.9%.
Follow Michael Molinski on Twitter @IMmolinski
YOU MAY ALSO LIKE:
Is It Time To Sell GLD Stock As Recession, Inflation Ease?
Get Full Access To IBD Stock Lists And Ratings
Is XOM A Buy Now After Q2 Earnings?
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
Nasdaq Extends Losing Streak; iPhone 14 On Call
"stock" - Google News
September 12, 2022 at 11:00PM
https://ift.tt/kMyz1wO
Stock Market Gains As Russia Withdraws Troops From Parts Of Ukraine; Nasdaq, Apple Lead Gains - Investor's Business Daily
"stock" - Google News
https://ift.tt/1t7MHzX
https://ift.tt/8MLAN3r
Bagikan Berita Ini
0 Response to "Stock Market Gains As Russia Withdraws Troops From Parts Of Ukraine; Nasdaq, Apple Lead Gains - Investor's Business Daily"
Post a Comment