⚠️BREAKING: *U.S STOCKS EDGE HIGHER TO START FINAL WEEK OF FIRST-HALF TRADING AS TECH SHARES RISE $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
and Nasdaq climbed on Monday, with chipmakers and energy stocks leading a rebound as investors shrugged off geopolitical risks and assessed the outlook for U.S. monetary policy.
After a subdued start on Monday, stocks picked up some momentum, with energy stocks jumping 1.3% as oil prices steadied following an aborted revolt by Russian mercenaries over the weekend, which the market did not view as an immediate threat to oil supply.A recent rally in U.S. stocks sputtered last week, and the tech-heavy Nasdaq snapped its eight-week winning streak on Friday, after Fed Chair Jerome Powell signaled more interest rate hikes ahead.
"The way investors buy or sell right now is going to be relative to the assumption that they're going to get a rate hike at the end of the next month," said Randy Frederick, vice president of trading and derivatives for"All of the data we get between now and then, especially the labor market data and the inflation, data will have an impact on that ."
Market participants are awaiting a slew of economic data including a key inflation gauge, durable goods and University of Michigan's consumer sentiment index, as well as Powell's speech later this week for cues on how much longer the Fed will hike rates. Most policymakers see at least two more quarter-point rate increases by the end of this year, though traders expect one more hike in July and see the U.S. central bank holding rates steady through the end of 2023, according to CMEGroup's Fedwatch tool.
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