Wall Street's main indexes bounced back on Monday after a sharp pullback in the previous session, buoyed by growing expectations of deeper Federal Reserve interest rate cuts following an unexpectedly weak jobs report.
At 11:39 a.m. ET, the Dow Jones Industrial Average rose 463.55 points, or 1.06%, to 44,052.13, the S&P 500 gained 74.56 points, or 1.20%, to 6,312.57 and the Nasdaq Composite gained 325.95 points, or 1.58%, to 20,976.08.
Both the S&P 500 and the Nasdaq were on track for their biggest single-day jump in more than two months.
This is in contrast to Friday, when a dismal U.S. jobs report hammered the S&P 500 and sent it to its steepest intraday drop since May 27.
The bleak data that also accompanied steep downward revisions for May and June forced market participants to amplify their bets for Fed rate cuts this year, noting signs of a weakening labor market.
"When you have a Fed that operates in a lagging sense, you're going to have the market moving around as the data comes, that's what we're seeing with the weaker jobs report," said Charlie Ripley, senior investment strategist for Allianz (ETR:ALVG) Investment Management.
Odds for a September rate cut now stand at about 84%, according to CME Fedwatch. Market participants see at least two quarter-point cuts by the end of this year.
Underscoring uncertainty, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer the same day, accusing her of faking the jobs numbers.
"The revisions ... it brings a level of skepticism into the data sets," Allianz Investment Management's Ripley added.
Investors also weighed Fed Governor Adriana Kugler's unexpected resignation, which could open the door for President Donald Trump to reshuffle the central bank's leadership to his favor.
Trump has repeatedly threatened to fire Chair Jerome Powell, believing that rates should be much lower than they are.
Meanwhile, Tesla (NASDAQ:TSLA) rose 1.2% after granting CEO Elon Musk 96 million shares worth about $29 billion.
All S&P 500 sub-sectors were trading in the green, with communication services leading gains with a 2% jump.
U.S. factory orders tumbled 4.8% in June after an upwardly revised 8.3% increase in May, owing to a sharp drop in commercial aircraft orders.
Meanwhile, Trump threatened to substantially raise tariffs on India over its purchases of Russian oil. Last week, Trump slapped a 25% tariff on goods imported from the country.
After a big week for Big Tech earnings, companies from various sectors, including Palantir (NASDAQ:PLTR), Eli Lilly (NYSE:LLY) and Disney (NYSE:DIS), will report this week.
Among notable movers, Joby Aviation (NYSE:JOBY) rose 20.7% after Bloomberg News reported that the company was exploring the acquisition of helicopter ride-share operator Blade Air Mobility. Blade Air's shares surged 26.6%.
IDEXX Laboratories soared 26.8% after the animal diagnostics maker raised its full-year profit and revenue forecasts and reported better-than-expected second-quarter results.
Source: Investing.com
US stocks recovered from sharp early losses on Friday (November 14th), but closed flat to lower as investors bought back major technology stocks and reassessed the likelihood of a December interest ra...
US stocks moved lower on Friday, with the S&P 500 down 1% and the Nasdaq falling 1.6%, both hitting one-month lows, while the Dow Jones dropped about 400 points. The tech sector remained under he...
Gauges in Japan, South Korea and Australia all opened weaker, even as an index of the region was poised for its third gain in four weeks. The S&P 500 closed 1.7% lower while the Nas...
US stocks plunged on Thursday (November 13), with the S&P 500 falling 1.5%, the Nasdaq 1.9%, and the Dow Jones Industrial Average returning to a record high after a 1.5% decline amid a selloff in ...
Both the STOXX 50 and STOXX 600 reversed early gains and closed down 0.6% and 0.8%, respectively, on Thursday, retreating from new record highs reached earlier in the session amid downbeat corporate r...
US stocks recovered from sharp early losses on Friday (November 14th), but closed flat to lower as investors bought back major technology stocks and reassessed the likelihood of a December interest rate cut. This left the S&P 500 and Nasdaq 100...
Oil prices rose more than 2% on Friday (November 14th) as the Russian port of Novorossiisk halted oil exports following a Ukrainian drone attack on an oil depot in the Russian energy hub, sparking supply concerns. Brent crude futures closed up...
Gold prices fell 3% on Friday (November 14th) due to a broader market sell-off, triggered by hawkish remarks from US Federal Reserve officials, which dimmed hopes of a December interest rate cut. Spot gold prices fell 1.9% to $4,092.72 an ounce,...
Both the STOXX 50 and STOXX 600 reversed early gains and closed down 0.6% and 0.8%, respectively, on Thursday, retreating from new record highs...
Asia-Pacific markets mostly rose Thursday, following mixed trading on Wall Street as investors kept an eye on the U.S. government, which appeared...
European equities extended gains for a fourth consecutive session on Thursday, with both the STOXX 50 and the STOXX 600 rising nearly 0.2% to fresh...
Gauges in Japan, South Korea and Australia all opened weaker, even as an index of the region was poised for its third gain in four weeks....