Wall Street: US stocks surged on Monday on greater hopes of the US Federal Reserve cutting interest rates this year following last week’s softer-than-expected jobs data.
Last week, the US Fed left interest rates unchanged and indicated that it was leaning toward eventual cuts in borrowing costs.
At 09:41 a.m. ET, the Dow Jones Industrial Average rose 146.36 points, or 0.38 per cent, to 38,822.38, the S&P 500 gained 26.70 points, or 0.52 per cent, to 5,154.49 and the Nasdaq Composite gained 85.00 points, or 0.53 per cent, to 16,241.33.
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At the opening bell, the Dow Jones Industrial Average rose 86.8 points, or 0.22 per cent, to 38762.43. The S&P 500 added 14.6 points, or 0.29 per cent, to 5142.42, while the Nasdaq Composite gained 52.2 points, or 0.32 per cent, to 16208.537.
Freshpet shares jumped 9 per cent after reporting better than expected results.
Berkshire Hathaway rose 0.6 per cent after Warren Buffett’s company reported its quarterly results.
Shares of media company Paramount Global gained 4.2 per cent after it ended negotiations with Skydance Media without a deal.
Perficient shares jumped 52.8 per cent after Swedish private equity firm EQT AB said it would take the digital consultancy firm private in an all-cash deal valued at about $3 billion.
ALSO READ: Fed’s Powell says looming US election will not sway rate decisions
Spirit Airlines tumbled 8.7 per cent after the airline forecast second quarter revenue below Wall Street estimates.
The yield on the 10-year Treasury edged down to 4.49 per cent from 4.50 per cent late on Friday.
Crude oil
Crude oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim.
Brent crude futures were up 43 cents, or 0.5 per cent, to $83.39 a barrel at 1300 GMT, while US West Texas Intermediate crude futures were at $78.62 a barrel, up 51 cents, or 0.7 per cent.
Bullion
Gold prices rose on Monday on soft US dollar. Spot gold was up 0.7 per cent at $2,318.13 per ounce by 1157 GMT. US gold futures gained 0.8 per cent to $2,326.70.
Spot silver advanced about 2 per cent to $27.0775 per ounce.
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Published: 06 May 2024, 07:42 PM IST
