The markets exhibited a mixed trend Monday, with technology heavyweights experienced a slight downturn as investors adopt a cautious approach ahead of the pivotal consumer price index report on Tuesday.
Adding to the market’s unease: Moody’s decision to revise the U.S. sovereign rating outlook Friday from stable to negative, citing growing concerns about fiscal management amid rising interest rates and significant fiscal deficits.
The U.S. dollar saw a modest decline of 0.2%, while commodities experienced a notable surge across the board. WTI crude oil and U.S. natural gas prices increased by 1.5% and 6%, respectively. The jump in the latter’s prices was particularly influenced by forecasts of colder weather and a subsequent rise in heating demand in late November.
Chinese-related stocks surged, dragging gains on Tesla Inc. (NASDAQ:TSLA) and Boeing Co. (NYSE:BA), both up 4%, following reports that China may end its commercial freeze on buying 737 Max when U.S. President Joe Biden and Chinese President Xi Jinping meet this week.
Cues From Monday’s Trading:
The S&P 500 was flat for the day, while tech stocks in the Nasdaq 100 fell 0.24%. Blue chips outperformed, as the Dow Jones Industrial Average rose 0.30%, while small caps in the Russell 2000 were little changed.
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