Main US indexes green; Nasdaq, out front, up ~0.8%
Energy leads S&P 500 sector gains; Healthcare weakest group
Euro STOXX 600 index up ~0.5%
Dollar ~flat; gold, crude both up >1%; bitcoin up >2%
US 10-Year Treasury yield edges down to ~4.47%
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
U.S. STOCKS SMELT SOME GAINS IN EARLY TRADE
Wall Street's main indexes are higher early on Monday, recovering from last week's declines, as steelmakers surge after U.S. President Donald Trump said he would impose additional tariffs on steel and aluminum imports.
The VanEck Steel ETF SLX.P is advancing around 3%, and on track for its biggest daily gain since November 6.
A majority of S&P 500 sectors .SPX are higher with energy .SPNY, and tech .SPLRCT, both up more than 1%, leading gains.
Healthcare .SPXHC, real estate .SPLRCR and financials .SPSY, are among the losers. Banks .SPXBK, .KRX are on the weak side.
U.S. Federal Reserve Chair Jerome Powell is due to testify before Congress on Tuesday and Wednesday. The January consumer price index is expected to be released ahead of the opening bell on Wednesday, before Powell's testimony on the same day.
Regarding the coming inflation data, Jay Woods, chief global strategist at Freedom Capital Markets is noting that the CPI has trended slightly higher since the Fed started to cut rates.
"Let’s see if that trend stabilizes now seeing the Fed did not act at its recent meeting," writes Woods in his weekly market letter.
He adds that "Recent statements from Federal Reserve officials continue to echo a cautious approach. Minneapolis Fed President Neel Kashkari made news last week when he noted that the policy rate could be 'modestly' lower by the end of 2025, contingent on continued cooling inflation and a strong labor market."
Last week, unemployment surprised by ticking lower, and Woods thinks that if CPI can do the same then expect rate cut talk to percolate as this could be the start of “modestly” lower numbers.
Here is an early market snapshot:
(Terence Gabriel)
*****
FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
SPOT GOLD'S HEART IS FAR FROM COLD - CLICK HERE
ASSESSING THE MARKET IMPACT OF A POSSIBLE UKRAINE CEASEFIRE - CLICK HERE
BANKS: NEXT STOP - SEPTEMBER 2008 HIGHS - CLICK HERE
TRUMP CHINA PLANS A POSITIVE FOR EUROPE DISCOUNT RETAILERS - CLICK HERE
EUROPE IN THE GREEN, BP TOP GAINER - CLICK HERE
EUROPE BEFORE THE BELL: SHRUGGING OFF TARIFF TALK - CLICK HERE
ALL TARIFFS, ALL THE TIME - CLICK HERE
EarlyTRade02102025 https://tmsnrt.rs/4aUni3t
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.