The Dow Jones Industrial Average rose Monday as Wall Street tried to recover from a losing week.
The positive reversal came as investors prepared for a slate of inflation data later in the week and braced for the start of the second-quarter earnings season.
US consumers' short-term inflation expectations has reached their lowest level in over two years in June, with median one-year-ahead inflation expectations dropping to 3.8 per cent, while the outlook for inflation three years ahead and five years ahead remained close to 3 per cent.
The consumer price index report is due Wednesday, followed by the producer price index — a measure of wholesale price pressures — on Thursday.
Overall, The 30-stock Dow added 209.52 points, or 0.62 per cent, to close at 33,944.40. The S&P 500 rose 0.24 per cent to end at 4,409.53. Meanwhile, the Nasdaq Composite gained 0.18 per cent to 13,685.48. The major averages broke three-day losing streaks.
In company news, shares of online used car retailer, Carvana soared over 16 per cent last night, after the company said it expected exponential growth within its used electric vehicle segment as consumer demand for EVs skyrocket.
Shockwave Medical grew by 6 per cent following an upgrade to overweight by Morgan Stanley,
Investors also have a slew of quarterly reports to consider this week. Finance behemoths BlackRock, JPMorgan Chase, Wells Fargo and Citigroup will all report and kick off the second-quarter earnings season.
In mining-related news, Argentina's mining exploration experienced a significant surge in investment, reaching a ten-year peak in 2022, positioning the country as a potential influential contributor to bridging the supply-demand gap for essential minerals in the energy transition.
European aluminium producers are expressing concerns that a loophole in the EU's carbon border tax could allow heavily polluting exporters like China to exploit it by flooding the bloc with low-cost, emissions-intensive metal, as offcuts of aluminium can be sold as zero carbon products even if the initial production used fossil fuel power.
Despite efforts by major oil exporters to increase energy prices, the United States is on track for a record-breaking year in petroleum production, with a 9 per cent increase in crude output through April, suggesting a potential weakening of OPEC's influence on prices as global production continues to rise.
Overall, US sectors closed mostly higher overnight. Industrials was the best performer, whilst Communication Services was the worst.
Futures
The SPI futures are pointing to a 0.62 per cent gain.
Currency
One Australian dollar at 7:25 AM was buying 66.75 US cents.
Commodities
Gold fell 0.08 cent. Silver gained 0.24 per cent. Copper rose 0.07 per cent. Oil dropped 1.18 per cent.
Figures around the globe
European markets closed higher. London’s FTSE added 0.23 per cent, Frankfurt rose 0.45 per cent, and Paris closed 0.45 per cent higher.
Turning to Asian markets, Tokyo’s Nikkei lost 0.61 per cent, Hong Kong’s Hang Seng gained 0.62 per cent and China’s Shanghai Composite closed 0.22 per cent higher.
The Australian sharemarket closed 0.54 per cent lower at 7004.
Disclaimer
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Source: Finance News Network
