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Seeking Alpha 2024-11-11 21:04:10

Dow ends session on top while S&P and Nasdaq inch up with CPI data looming

Dow ends session on top while S&P and Nasdaq inch up with CPI data looming

The financial community watched Wall Street kick off the week with a topside push after last week’s rally that was fueled by both the latest U.S. presidential election and the Federal Reserve’s latest rate cut. Monday was led by the blue-chip Dow ( DJI ) as it finished the highest at +0.7% . Furthermore, the benchmark S&P 500 ( SP500 ) inched up by 0.1% as it held the 6,000 level. The tech focused Nasdaq Composite ( COMP:IND ) closed out the session essentially even. From a sector-by-sector point of view point, six of the 11 S&P segments noticed positive moves with Consumer Discretionary and Financials advancing the most. At the other end of the spectrum Info Tech struggled the most. Market activity was relatively quite on Monday with the U.S. bond market being closed on account of Veterans Day. Meanwhile, the economic calendar was relatively quiet on Monday, with no significant events taking place. However, important data is set to be released later in the week, including the October consumer price index on Wednesday and the producer price index on Thursday. "U.S. data may not be as heavily scrutinized as usual at the moment as with the Trump victory, the market might conclude that there may be changes in animal spirits in the near-term and policy in the medium-term," Deutsche Bank's Jim Reid said. Earnings data continues to be on the radar for investors as well, with businesses such as Shopify ( SHOP ), Home Depot ( HD ), Walt Disney Company ( DIS ), and Alibaba ( BABA ), scheduled to report during the week. Semiconductor stocks closed mostly lower to start the week amid some profit taking after last week's noticeable move higher. As for other stocks that were the move, shares of Humana ( HUM ) slid 2.1% after Cigna ( CI ) confirmed it won’t pursue a combination with the managed care insurer. Also sliding were shares of AbbVie ( ABBV ) as the stock ended the day lower by 12.5% after missing its main goal in its schizophrenia treatment trials. Coinbase Global ( COIN ) extended its gains for the seventh consecutive session on Monday, surging 19.9% as crypto-related shares continue to rally with Bitcoin ( BTC-USD ) tagging $87K. More on Markets The Math Is Starting To Work Against Long-Term U.S. Stock Returns The 1-Minute Market Report, November 10, 2024 What To Expect From October's 2024 Inflation Report Tariff policy is key unknown in possible Trump return: Barclays October CPI Preview: Inflation Settling At Above The 3% Level

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