U.S. indexes gain, but tech, chips drag
Main U.S. indexes green; Dow out front, up ~0.7%
Energy leads S&P 500 sector gainers; Tech sole loser
Euro STOXX 600 index up ~0.9%
Dollar off; gold, crude up; bitcoin down >4%
U.S. 10-Year Treasury yield edges down to ~4.255%
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U.S. INDEXES GAIN, BUT TECH, CHIPS DRAG
The main U.S. indexes are higher early on Monday though Nvidia NVDA.O and other chip stocks remain under selling pressure, with investors on tenterhooks as a key inflation print this week is set to further shape bets over the timing and quantum of rate cuts this year.
The biggest event on investors' radar for the week is Friday's personal consumption expenditures (PCE) price index report- the Federal Reserve's preferred measure of inflation, which is expected to show a moderation in price pressures.
Meanwhile, after ending an eight-week win streak last week, shares of Nvidia, off more than 2%, are continuing to the downside on Monday. With this, tech .SPLRCT is the only S&P 500 sector in the red, and, under the surface, the Philadelphia semiconductor index .SOX, losing nearly 1%, is among weaker groups.
Energy .SPNY and financials .SPSY are showing strength. With this, S&P 500 value .IVX is angling to outperform S&P 500 growth .IGX for a fourth-straight session.
Here is an early trade snapshot from around 1000 ET (1400 GMT):
(Terence Gabriel)
*****
FOR MONDAY'S EARLIER LIVE MARKET POSTS:
MARKET FOCUS SHIFTING TO GROWTH FROM INFLATION - CLICK HERE
S&P 500 INDEX: HITTING A WALL? - CLICK HERE
TWITCHY FX TRADERS ARE BACK ON YEN WATCH - CLICK HERE
GOOD ENTRY POINT TO BUY EU EQUITIES IN H2? - CLICK HERE
BARCLAYS MODEL POINTS TO MONTH-END DOLLAR SELLING - CLICK HERE
AU REVOIR, FRENCH EXPECTIONALISM - CLICK HERE
DRIVE TIME - CLICK HERE
CAUTIOUSLY HIGHER - CLICK HERE
ON ALERT FOR YEN INTERVENTION, US INFLATION - CLICK HERE
earlytradde06242024 https://tmsnrt.rs/3xjt5jS
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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