The Dow Jones New York Stock Exchange closed higher on Monday (April 10), supported by industrial stock buying. As investors absorb US non-farm payrolls, which rose in line with analyst expectations. In addition, keep an eye on inflation data and the earnings report of the US banks this week.
- The Dow Jones Industrial Average closed at 33,586.52 points, an increase of 101.23 points or +0.30%,
- The S&P500 index closed at 4,109.11 points, up 4.09 points, or +0.10%, and
- The Nasdaq Index closed at 12,084.36 points, down 3.60 points or -0.03%.
The US Labor Department said on Friday (April 7) nonfarm payrolls rose 236,000 in March. That was in line with analysts’ expectations of 238,000. The unemployment rate dropped to 3.5%, while analysts expected it to remain stable at 3.6%.
Industrial stocks which are sensitive to the economy rose to lead the market last night which reflects the view of investors that The U.S. economy was strong enough to withstand the effects of the Federal Reserve’s (Fed) rate hike, with Catherine Pillar stock gaining 3.04%. e) rose 0.81%, Honeywell shares gained 0.64%, 3M shares gained 1.18%.
However, the non-farm payrolls figures that came out were in line with analyst expectations. and the lower unemployment rate The latest FedWatch Tool by CME Group indicates that investors weigh 63.4% that the Fed will raise interest rates by 0.25% to a range of 5.00-5.25% at its May 2-3 meeting. C. and gave only 36.6% weight that the Fed would keep interest rates at 4.75-5.00%.
Chipmaker stocks soar following it was reported that Samsung South Korea electronics There are plans to reduce chip production. Micron Technology shares rose 8.04%, India shares rose 2%, Qualcomm shares rose 1.05%, Advanced Micro Devices (AMD) shares rose 3.26%.
US listed companies will begin reporting earnings this week. Major banks including JP Morgan Chase, Citigroup and Wells Fargo will report their first quarter 2023 results on Friday. While data from Refinitiv IBES shows analysts expect S&P 500 companies will report a 5.2% decline in earnings in the first quarter of 2023 following previously forecasting a 1.4% gain for the quarter.
Investors will keep an eye on the US consumer price index (CPI) for March on Wednesday, April 12, and the minutes of the Fed’s monetary policy meeting scheduled for March 21-22 on that date. And then the Producer Price Index (PPI) for March will be released on Thursday, April 13.
By InfoQuest News Agency (11 Apr. ’23)
Tags: dowjones, Dow Jones, Stock Market, New York Stock Exchange
