US Markets Close Strong: Dow, S&P 500, and Nasdaq Surge on Monday
US Markets LIVE, 8 Jan 2024: On Monday, the US markets opened mixed, as a sharp fall in Boeing shares put pressure on Dow Jones, while a decline in Treasury yields led to buying in technology shares.
The Dow Jones Industrial Average (DJIA) opened lower by 138.74 points at 37327.37, while the S&P 500 index made a positive opening of 6.46 points and opened at 4703.70. The Nasdaq Composite index also opened higher by 40.4 points at 14564.47.
US Markets Live Updates Today
US Markets at 11.10 am EDT, US Stock market indexes are trading mixed. Dow Jones is trading lower by 105.46 points or 0.28 percent at the 37360.65 level, while the S&P 500 is trading positive by 21.93 points or 0.47 percent at the 4719.17 level. The tech-heavy Nasdaq Composite extended its early gains and is trading higher by 161.51 points or 1.11 percent at 14685.58 levels.
US Markets News
US stock markets are trading mixed, as investors are nervous ahead of the release of December inflation data, which could serve as a determining factor for the Federal Reserve over potential early interest rate cuts. Dow Jones is under pressure due to a sharp fall in Boeing shares and as investors remain cautious ahead of fourth-quarter earnings of banking shares later this week.
US stock markets fell in the first trading week of 2024. The Nasdaq composite fell the most, as Apple shares dragged over 6% after downgrading by Barclays and as Treasury yields surged.
The S&P 500 and Nasdaq composite indexes are trading higher on Monday, as the 10-year Treasury yield declined 3 basis points to 4.010% from its previous closing of 4.046% on Friday.
The big technology shares Apple, Amazon, Nvidia, and Alphabet all are trading higher between 0.90% to 4% due to the optimism of early rate cuts by the Federal Reserves. Traders are optimistic despite Dallas Fed boss Lorie Logan’s warning on Saturday that the interest rates could even be lifted again.
Meanwhile, traders will be closely watching Atlanta Fed President Raphael Bostic’s speech later in the day, for more views about rate cuts.
US Stocks in News
The share price of Boeing fell more than 7% due to the temporary grounding of dozens of Boeing 737 Max 9 aircraft for inspections after a section of an Alaska Airlines flight blew out.
The share of Axonics jumped more than 20% after the medical technology company agreed to be acquired by Boston Scientific for $71 a share or about $3.7 billion in equity value.
On Monday, Johnson & Johnson said that it had agreed to buy drug developer Ambrx Biopharma for $2 billion, while Merck revealed a plan to buy cancer drug developer Harpoon Therapeutics for about $680 million. Both J&J and Merck are trading lower by 0.78% and 0.50% respectively.
Crude Oil Prices
Crude oil prices are trading lower on Monday after gaining almost 3% in the last week, as Saudi Arabia reduced the prices of its Asian crude exports to over two years low.
The US WTI crude trades lower by 4.20% at $70.71 per barrel while London-based Brent crude oil is down by 3.19% at $76.29 per barrel.
Also, read – Global Stock Market Slump: A Downbeat Start to 2024
US Markets at Close
US markets ended with significant gains on Monday, as the decline in Treasury yields boosted the rally in tech stocks. Crude oil prices were under pressure after a price cut by Saudi Arabia for customers in Asia overshadowed the Red Sea tension.
The Dow Jones Industrial Average (DJIA) erased early losses and gained 216.90 points or 0.58% and closed at 37683.0. The S&P 500 index also added 66.30 points or 1.41% and settled at 4763.54. The tech-heavy Nasdaq composite index jumped 319.70 points or 2.20% and ended at 14843.77 on Monday.
If you like the post “US Markets Close Strong: Dow, S&P 500, and Nasdaq Surge on Monday” please share it with others
Happy Investing!
Editor’s Desk
