S&P 500 rises and reclaims the 3700 threshold after a holiday in the US By christianborjon SP500 Nasdaq DowJones Sentiment CentralBanks
m all-time-highs, but as North American traders returned from a long weekend, US equities depict an upbeat market mood.
The S&P 500 is gaining some 2.51%, trading at 3,766.49, while the tech-heavy Nasdaq Composite is back above the 11,000 threshold, rallying 3.07%, at 11,130.10. The laggard in the session, but jumping more than 500 points, is the Dow Jones Industrial Average , up 1.78%, advancing to 30,419.48.Index extends its losses in the week and sits around 104.290, down by 0.11%. US Treasury yields remain elevated, and the US 10-year note yields 3.288%, up by two basis points.
Fundamentally nothing has changed, and some financial analysts perceive the rally as a “death cat bounce.” Last Wednesday, the US Federal Reserve hiked 75 bps rates, the biggest move since 1994, and Fed’s Chief Powell said that although those moves would not be “common,” he stated that in July, another 75 bps might be on the table.
Sector-wise, the leading gainers are Energy, up 4.85%, followed by Consumer Discretionary and Technology, each recording gains of 3.42% and 2.91%, respectively. The laggards but also positive in the day are Utilities, Consumer Staples, and Materials, up by 1.27%, 1.40%, and 1.60% each.complex, the US crude oil benchmark, WTI, grinds higher by 2.69%, trading at $110.88 BPD. At the same time, precious metals like gold followed suit, edging higher 0.29%, exchanging hands at $1845.65 a troy ounce.
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