PARIS (Reuters) – The New York Stock Exchange rose at the open on Monday, as investors continued to bet on a rate cut by the Federal Reserve in September, while earnings and U.S. policy livened up trading.
In early trading, the Dow Jones index gained 120.30 points, or 0.30%, to 40,407.83 points, and the broader Standard & Poor’s 500 rose 0.66% to 5,541.51 points. The Nasdaq Composite gained 1.05%, or 185.30 points, to 17,912.242.
Comments made last week by several U.S. monetary policy officials have investors hoping for a rate cut in September, a scenario that the Fed could endorse at its next meeting on July 31.
The publication of the GDP for the second quarter is expected on Wednesday, and more importantly, that of PCE inflation – the measure of price dynamics favored by the Fed – for July, on Friday.
Corporate results continue to drive trading, with a number of quarterly figures expected in the coming days, including Tesla’s after the close on Tuesday.
Investors are also repositioning themselves after Joe Biden withdrew from the election race, with markets having last week factored in the risks of a victory for Republican candidate Donald Trump.
The prospect of a protectionist economic policy supporting inflation has put pressure on sovereigns, which rebounded on Monday.
In terms of values, Verizon lost 4.3% after publishing a turnover below the consensus.
Nvidia gained 1.9% as it develops an artificial intelligence chip for the Chinese market.
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(Written by Corentin Chappron, edited by Kate Entringer)
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