Friday, May 24, 2024

Wall Street is looking for a rebound after its worst week since the start of the year

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U.S. stocks rose on Monday as traders tried to recoup some of their gains after Wall Street’s worst week of the year. Investors were expecting another big week in retail earnings.

The Dow Jones industrial average rose 209 points, or 0.7%, while the S&P gained 0.7% and the Nasdaq gained 0.9%.

The moves last traded lower at 4.791% after the two-year rate hit its highest level since July 2007 on Monday, following easing Treasury yields.

Stocks on Wall Street ended sharply lower on Friday as the U.S. Federal Reserve’s preferred inflation measure showed a stronger-than-expected rise in prices last month. The S&P 500 index fell 2.7%, marking its worst week since Dec. 9. The Dow Jones fell nearly 3.0%, its fourth weekly loss. The Nasdaq fell 3.3%.

European markets

European markets opened on positive territory on Monday after last week posted their biggest decline so far this year.

The pan-European Stoxx rose 0.8% at the open shortly after, as energy shares added 1.3%. The European retail index rose 1.5%, while Heinz & Moritz shares gained 3.9%.

Associated British Foods rose 2.0% as it raised its full-year financial forecast for 2022-2023 after a strong first-half performance by the clothing retailer.

Fare hike in March

The ECB has publicly said it wants to raise interest rates by another 50bp in March, although investors are weighing the possibility of going beyond that.

See also  The expectation that demand for US oil will increase as a result of "OPEC +" production cuts
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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