Monday was a positive day for Wall Street as traders await inflation statistics that might indicate the direction of future rate increases by the Federal Reserve. Meta climbed by more than 3% as Financial Times published that the business was ready to disclose a fresh wave of job losses, in addition to the layoffs announced in November.
Microsoft and Nvidia both increased by over 3%, whereas Apple and Amazon both rose by more than 1%. These four tech giants contributed more to the S&P 500’s session gains than any other equities.
The S&P 500 gained 1.05%. The Nasdaq rose 1.48 % to 11,891.06 and the Dow Jones rose 0.99 % to 34,205.73. In order to evaluate their wagers on the central bank’s rate hiking course, investors are intensely focused on the January inflation data and Retail Sales coming on Tuesday. The Fed and speculation dominate the news cycle these days.
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Last week, Wall Street’s major indexes declined as Fed’s head Jerome Powell cautioned that the central bank may need to raise interest rates sooner than anticipated to combat inflation. Some experts anticipate a hawkish result from the CPI statistics, while others anticipate a dovish result.
Dollar edges lower waiting for CPI
EUR/USD reached a key high during the lunchtime session on Wall Street, after the US dollar’s bullish start to the day. The EUR/USD pair eventually finished at 1.074, up 0.4% pulling the dollar lower. The session low was 1.0655.
AUD/USD is traded at 0.6963 with a 0.69% close in the green. USD/CAD has fallen to the vicinity of 1.3330 ending flat at 1.3338, with commodity-linked currencies gaining from Wall Street’s improved mood.
Commodities enjoy a turbulent day
Price of gold fell from last Friday’s peaks of $1872.22 to the $1850 region on Monday. Gold trades lower even though the US dollar declined ahead of a crucial US inflation data. Moreover, despite a little decline, US Treasury rates remain near five-week highs.
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WTI crude for March delivery first rose to intraday high of $80.61. This was the highest level in two weeks. The benchmark for US crude sank to a session low of $78.45 earlier today and managed to close slightly higher at $79.45 slipping 0.43% into the red. Brent oil for April delivery closed also in the red with a 0.34% decline. Brent’s session low was $85.11, while its session high was $86.93.
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