[ad_1]
Stocks traded mixed on Monday, with the S&P 500 and Nasdaq hitting new highs, with traders looking forward to more key economic data later this week.
The S&P 500 rose to an intraday record high, adding to gains after the blue-chip index posted its best week since February. The Nasdaq also rose to a record intraday, while the Dow Jones fell slightly. Treasury yields have traded lower across the long end of the curve, with the benchmark 10-year Treasury yield dropping below 1.5%. Major cryptocurrencies have stabilized after last week’s slide, with Bitcoin (BTC-USD) and Ethereum (ETH-USD), the two largest cryptocurrencies by market cap, each advancing.
This week, investors will focus on the busy economic calendar with the June jobs report on Friday. Consensus economists are looking for salary gains to accelerate to 700,000 in June with the unemployment rate slipping slightly to 5.7%, with those metrics improving against May’s salary gains of 559,000 and the unemployment rate of 5.8%.
Stocks are entering this week with record-breaking momentum last week, with the S&P 500 and Nasdaq both hitting all-time highs. This in turn came as traders considered a new compromise deal reached on infrastructure in the Biden administration, and Fed expectations that central bank officials will move to fend off potentially longer inflation with an interest rate hike in the next two years. .
“We finally have some catalysts moving this market forward,” Jay Jacobs, senior vice president and head of research and strategy at Global X ETFs, told Yahoo Finance. “We had May and the beginning of June without a pretty trend, but now we have the Fed admit inflation and pull back its rate increases, which they should fight. Now we have the infrastructure bill that Biden has agreed with bipartisan senators. So these are two really positive catalysts that I think will continue to drive the markets into the summer.”
The story continues
And in the coming weeks, investors will also have a background for what is set to be another strong set of quarterly corporate earnings results, as more companies prepare to benefit from extended vaccinations and economic reopenings taking place in the second. quarter. As of Friday, 66 of the 103 S&P 500 companies that issued second-quarter earnings per share guidance gave a positive outlook that beat consensus estimates, according to FactSet data. This represents the largest number of S&P 500 companies providing higher-than-estimated forecasts ever recorded in data going back to 2006.
–
9:36 a.m. ET: Stocks open mostly higher, S&P 500 and Nasdaq hit new highs
The three major indices were mixed at the open on Monday morning, with the Dow Jones trading lower while the S&P 500 and Nasdaq surged to reach all-time highs.
The information technology sector led the gains in the S&P 500, while the industrial, financial and energy sectors slowed. The Nasdaq was outperformed by technology stocks, with the index up 0.7%.
US West Texas Intermediate crude futures are down but still hovering near a two-year high of more than $73 a barrel. Gold prices rose, while the 10-year Treasury yield fell 4.4 basis points to yield 1.492%.
–
7:25AM ET Monday: Stock futures trading mixed
Here’s where the markets are trading before the opening bell on Monday:
S&P 500 futures contract (ES=F): 4272.75, +1.5 points (+0.04%)
Dow Jones futures (YM=F): 34,301.00, -32 points (-0.09%)
Nasdaq Futures (NQ=F): 14372.25, +33.25 points (+0.23%)
Crude Oil (CL = F): – $0.07 (-0.09%) to $73.98 per barrel
Gold (GC = F): – $0.20 (-0.01%) to $1,777.60 per ounce
10-Year Treasury (^TNX): -2.7 basis points to gain 1.509%
NEW YORK, NY – May 11: People walk near the New York Stock Exchange after global stocks plunged as fears grow that rising inflation will prompt central banks to tighten monetary policy on May 11, 2021 in New York City. By mid-afternoon, the Nasdaq Composite had lost 0.6%, after falling 2.2% at its session low. (Photo by Spencer Platt/Getty Images)
–
Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
Read more from Emily:
[ad_2]
Picture Credit!