The financial community has watched Wall Street’s major market averages trade higher on Monday as investors continue to digest Friday’s jobs report and now look towards Wednesday’s latest inflation data.
Leading the way higher has been the blue-chip Dow (DJI) as it has advanced by 1.5%. At the same time, the tech focused Nasdaq Composite (COMP:IND) is up 1.2% and the benchmark S&P 500 (SP500) pushed up by 1.3%.
From a sector point of view, it is green across the board, with all 11 S&P segments trading in positive territory. The two segments that have advanced the most on the day so far have been Industrials and Consumer Discretionary.
The Treasury market has been muted, with the shorter end U.S. 2 Year Treasury yield (US2Y) rising by 1 basis point to 3.66%. At the same time, the longer end U.S. 10 Year Treasury yield (US10Y) moved up by 1 basis point to 3.72%. See how other yields trade across the entire yield curve here.
Looking at the economic calendar, wholesale inventories growth was revised slightly down in the final July estimate. Wholesale inventories came in at +0.2% M/M to $903.5B versus the +0.3% preliminary estimate and +0.2% figure in June.
On the political side, U.S. Vice President Kamala Harris and former President Donald Trump are expected to take the stage for the presidential debate on Tuesday
“With the Fed now in its media blackout period ahead of next Wednesday’s almost certain first cut in the cycle, it looks to us that 25bps is just the more likely based on what the Fed have been telling us,” Deutsche Bank’s Jim Reid said.
As for stocks that are on the move, shares of Palantir Technologies Inc. (PLTR) popped up over 13% as the company and BP (BP) entered a five-year strategic collaboration to introduce new artificial intelligence capabilities with Palantir’s AIP software.
Moreover, Dell Technologies is higher by more than 4% following its return to S&P 500 index.
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