Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
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In a stark contrast to the recent rally, Wall Street encountered a hiccup in its upward climb on Monday, as major indices retreated from their consecutive weeks of gains. The Dow Jones Industrial Average, which had been riding a wave of optimism, experienced a slight contraction, shedding 23 points, a subtle yet telling 0.1% dip.
In a significant boost to Wall Street's confidence, Nasdaq led the charge as major U.S. stock indices closed higher on Monday.
The Dow Jones Industrial Average responded positively to the latest Producer Price Index (PPI) data, indicating easing inflation, with an impressive gain of over 150 points.
The stock market experienced a notable rally, with the S&P 500 logging its best day since April and the Dow Jones Industrial Average soaring nearly 500 points.
In a trading day characterised by cautious anticipation and nuanced market reactions, the S&P 500 displayed remarkable stability, closing nearly flat. This subdued closure follows Moody's recent revision of the U.S. outlook and comes on the eve of a highly anticipated inflation data release.
Last week's financial markets have been a theatre of contrasting scenarios. The Dow Jones Industrial Average has shown remarkable resilience with a significant rally, while Saudi Arabia ETFs have faced unprecedented outflows.
In a testament to its enduring resilience, the S&P 500 index carved out an eighth straight day of gains, despite a modest uptick, while the Nasdaq Composite marginally retreated by 0.1%, and the Dow Jones Industrial Average edged down by 0.2%, shedding 80 points.
In a robust extension of recent market advances, the S&P 500 and Nasdaq Composite climbed higher on Tuesday, marking their most prolonged series of gains since November 2021 and reinforcing the upward momentum established in November’s rally.
In a display of resilience, the Nasdaq Composite rose steadily by 0.3%, achieving its longest consecutive rally since the beginnings of the year. The technology-heavy index, bolstered by a sector-wide optimism, not only reflects investor confidence but also the market's adept navigation through economic headwinds.
Equity markets continue to bounce following Friday's NFP report, with ES futures up over 3% from their lows. Bond yields drifted lower yesterday, with US10Y falling back below the 4.70% level.
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