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Markets kicked off the week with heightened volatility due to the ongoing conflict between Israel and the Palestinian militant group Hamas.
Israel’s defense minister announced a comprehensive blockade on the Gaza Strip, encompassing even food and water restrictions.
Crude oil became the most reactive asset to the conflict as markets resumed trading overnight, with WTI surging nearly 4% by midday in New York.
Major stock indices flirted with negative territory as investor risk appetite waned due to renewed uncertainty in the Middle East. In contrast, bonds served as safe havens, with Treasury yields declining across the yield curve. Notably, both the two- and 10-year yields dropped by 13 basis points.
Cues From Monday’s Trading:
The S&P 500 was 0.1% lower at the start of the week, while blue-chip stocks in the Dow Jones Industrial Average managed to hold steady.
The tech-heavy Nasdaq 100 slipped, down 0.4%, while small caps in the Russell 2000 surprisingly outperformed, rising 0.1%.
US Index Performance On Monday
Index | Performance (+/-) | Value |
Nasdaq 100 | -0.34% | 14,922.34 |
S&P 500 Index | -0.07% | 4,305.38 |
Dow Industrials | +0.03% | 33,427.73 |
Russell 2000 | +0.14% | 1,745.56 |
Analyst Color:
The real takeaway from this week, the first of October, is that a terrible September may be behind us, said Brad McMillan, chief investment officer at Commonwealth Financial Network. The real economy is in good shape and the markets are processing rising rates and are now showing signs they can rally, even as rates move higher, the analyst said.
“And if inflation keeps trending down (and we will find that out next week), then for all the doom and gloom, the foundation is still solid,” he added.
Monday’s Trading In Major US Equity ETFs
Looking at S&P 500 sector ETFs:
Upcoming Economic Data:
The unfolding week’s economic calendar is all about inflation, which has a huge bearing on what the Federal Reserve will do when it meets for two days beginning on Oct. 31. The consumer price inflation report for September is due on Thursday. The producer price inflation report, also for September, is due on Wednesday, and the University of Michigan’s preliminary October consumer sentiment data due on Friday are among the key reports on investor radars.
Traders may also keep an eye on the Fed speeches scheduled for the week and the minutes from the September Federal Open Market Committee meeting, where the central bank led by Chair Jerome Powell kept the fed funds rate unchanged at 5.25%-5.5%.
Philip Jefferson, the vice chair of the Fed’s board of governors, is due to speak at 1:30 p.m. EDT.
See also: Best Futures Trading Software
Stocks In Focus:
Commodities, Bonds, Other Global Equity Markets:
Crude oil rose 4.2%, with a barrel of WTI-grade crude trading at $85. The United States Oil Fund ETF (NYSE:USO) was 3.7% higher to $76.8.
The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was 1.2% higher for the day.
The dollar rose, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), up 0.2%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was 0.4% lower to 1.0540.
European equity indices had a negative session. The SPDR DJ Euro STOXX 50 ETF (NYSE:FEZ) fell 1.6%.
Gold rallied 1% to $1,849/oz, while silver rose 0.8% to $21.75. Bitcoin (CRYPTO: BTC) was 1.9% lower to $27,421.
Staff writer Piero Cingari updated this report midday Monday.
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