US Stocks: US Market Opens Flat as Markets Monitor Hormuz Situation
Traders priced in a 44% chance of a September rate hike as oil rose and investors awaited inflation data and earnings.
- On Monday, Wall Street's main indexes inched lower after hitting record highs last week, with the Dow falling 0.13%, the S&P 500 dropping 0.07%, and the Nasdaq Composite declining 0.23%.
- Uncertainty over Iran-Oman negotiations on Middle East shipping lanes combined with weak July jobs data to dampen investor sentiment, as traders reassessed rate-hike odds to 44% for September based on CME FedWatch data.
- Technology stocks led declines, with Apple falling 2.4% after a Jefferies downgrade and Intel dropping 4.8% following a $15 billion stock offering, while eBay fell 3.9% after Bloomberg News reported GameStop CEO Ryan Cohen was considering withdrawing a $56 billion bid.
- Energy stocks surged 2.6% on a 2% oil price gain, with easing flows through the Middle East choke point potentially reducing inflation concerns that have fueled rate-hike expectations globally; strategists noted a benign CPI report could accelerate market momentum.
- Applied Materials and Cisco are among few companies reporting earnings this week, while the Senate passed a temporary funding bill Saturday averting a shutdown before November midterms; J.P.Morgan raised its year-end S&P 500 target to 8,000 from 7,800 despite modest declines.
29 Articles
29 Articles
Heavy losses ultimately in New York, particularly among tech stocks, causing the Nasdaq to close 0.6 percent lower. The Dow dropped 185 points. Concerns about new attacks on Iran and ships in the Gulf of Hormuz drove the oil price to 89 dollars. Investors remain concerned about higher inflation and a rise in interest rates. The AEX reached a record high of 1,116.77 points.
The main indices of the New York Stock Exchanges opened slightly, supported by the fall in oil prices, amid the progress of the negotiations to reopen the Strait of Ormuz. Soon after the opening, the Nasdaq began to fall. Investors await an agenda full of economic data, including the consumer price index (CPI), which will be released tomorrow. At around 10:30 a.m. (from Brasilia), the Dow Jones index rose 0.30%, to 54.135.31 points; the S&P 500 …
The three major stock indices of the New York stock market opened mixed amid revived expectations of an agreement between the U.S. and Iran. As of 9:46 a.m. on the 11th (local time), the Dow Jones 30 Industrial Average on the New York Stock Exchange was up 178.16 points (0.33%) from the previous close at 54,154.14. The Standard & Poor's (S&P) 500 index rose 1.24 points (0.02%) from the previous close to 7,754.35,
(Seoul = Yonhap News) Reporter Yoon Jung-won of Yonhap Infomax = The three major stock indices of the New York stock market started mixed as expectations for an agreement between the U.S. and Iran revived.
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