XLY - US Stocks See Modest Gains Energy Outperforms Bond Carnage Deepens: What's Driving Markets Monday? | Benzinga
In midday trading on Monday, U.S. stocks attempted a rebound following sharp losses experienced Friday.
The bond market continued its downward spiral, with Treasury yields soaring to levels not seen in over a decade across maturities ranging from 10 to 30 years.
The energy sector continued to outperform, driven by oil giants capitalizing on crude prices that have remained at or above $90 per barrel.
The U.S. dollar surged to its highest point in the past 10 months, on track for its eleventh consecutive week of gains. This remarkable ascent has been propelled by the Federal Reserve’s hawkish stance and deteriorating economic prospects in Europe.
Cues From Monday’s Trading:
The S&P 500 rose 0.4% on Monday, following a 1.6% decline on Friday and a nearly 3% drop last week.
The Nasdaq 100 gained 0.4%, reacting after a 3.6% decline last week. The Dow Jones Industrial Average was flat for the day, while small caps in the Russell 2000 soared 0.6% after sinking 3.8% last week.
US Index Performance On Monday
Index Performance (+/-) Value
Nasdaq 100 +0.40% 14,760.08
S&P 500 Index +0.35% 4,335.58
Dow Industrials +0.05% 33,983.56
Russell 2000 +0.60% 1,787.21
Analyst Color:
The S&P 500 is down nearly 4% on the month, and technical damage is beginning to mount, said ...