NEW YORK (Reuters) – The New York Stock Exchange ended higher on Monday, amid continued optimism about the Federal Reserve’s rate trajectory ahead of the release of a new set of indicators this week.
The Dow Jones index finished virtually unchanged, gaining 0.86 points (+0.002%), to 37,306.02 points.
The broader S&P-500 gained 21.37 points, or 0.45%, to 4,740.56 points.
The Nasdaq Composite advanced 90.89 points (0.61%) to 14,904.81 points.
Markets remain supported by the Federal Reserve’s latest monetary policy decision, with the central bank indicating that its key rate has reached, or is close to, its peak.
“Markets are leaning toward a Fed rate cut next year,” coupled with a soft landing for the U.S. economy, said Tom Hainlin, head of investment strategy at U.S. Bank Wealth Management in Minneapolis.
Data to be released this week could help investors refine their bets on when the first rate cut will occur: swap markets are currently betting on two 25 basis point cuts by June 2024.
Among the indicators this week are expected the number of new housing constructions on Tuesday, consumer confidence on Wednesday, the final GDP for the third quarter on Thursday and, on Friday, PCE inflation, consumption of durable goods and the index of Definite Michigan feeling.
In terms of values, Adobe gained 2.47% after the group and Figma decided to abandon their $20 billion merger project announced in September last year.
(Written by Stephen Culp, Corentin Chappron and Tangi Salaün)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
