Market Stays Flat As Investors Anticipate Key Economic Events; Energy Stocks Lead Gains, Regional Banks Decline: What's Driving Markets Monday?
Wall Street is experiencing a quiet trading session on Monday, with major indices showing little movement by midday in New York, as traders maintain a cautious stance ahead of the highly anticipated inflation report and Fed meeting this Wednesday.
U.S. stocks have erased early session losses sparked by rising volatility in Europe after the latest Parliamentary elections revealed increased support for far-right parties and Emmanuel Macron’s surprising call for snap elections in France.
The S&P 500 is 0.2% higher, while the tech-heavy Nasdaq 100 slightly outperforms the broader market, rising 0.3%.
Blue-chip stocks soften by 0.1%, while small caps trade mostly flat for the day.
Treasury yields inch higher by about 3 basis points across long-dated maturities, with the benchmark 10-year Note trading at a 4.47% yield. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) falls 0.7%, eyeing its third straight session of declines.
A trade-weighted measure of the U.S. dollar, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), has risen by 0.2%, buoyed by the greenback’s gains against the euro, with the EUR-USD exchange rate down 0.4%.
Commodities trade stronger across the spectrum, with oil and natural gas prices rallying by 2.5% and 3.7%, respectively, driving the outperformance of energy-related stocks. Metals are also in the green, with copper, silver, and gold up 2.2%, 1.7%, and 0.7%, respectively. Bitcoin (CRYPTO: BTC) is 0.4% higher, reaching $69,950.
Monday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Nasdaq 100 | 19,053.31 | 0.3% |
| S&P 500 | 5,355.63 | 0.2% |
| Russell 2000 | 2,023.34 | 0.1% |
| Dow Jones | 38,746.91 | -0.1% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) is 0.2% higher to $534.86.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) is flat at $388.21.
- The tech-heavy Invesco QQQ Trust (ARCA: QQQ) rises 0.4% to $465.35.
- Sector-wise, the Energy Select Sector SPDR Fund (NYSE:XLE) outperforms, up by 1.1%, while the Financials Select Sector SPDR Fund (NYSE:XLF) eases 0.5%.
- Industry-wise, the SPDR S&P Oil & Gas Exploration and Production ETF (NYSE:XOP) is the session top performer, up 2.2%, while the SPDR S&P Regional Banking ETF (NYSE:KRE) lags behind, down 1.7%.
Monday’s Stock Movers
- Southwest Airlines Co. (NYSE:LUV) has risen by nearly 8%, after Elliot Investment unveiled a $1.9 billion stake in the airline company.
- Huntington Bancshares Inc. (NYSE:HBAN) is down over 5%, after the company slashed its annual net interest income forecasts.
- Texas Pacific Land Corp. (NYSE:TPL) and RB Global Inc. (NYSE:RBA) are up over 23% and 9%, respectively, on the news that they will be included in the S&P MidCap 400 Index.
- CrowdStrike Holdings Inc. (NASDAQ:CRWD), KKR & Co. Inc. (NYSE:KKR) and GoDaddy Inc. (NYSE:GDDY) have risen 9.6%, 11.3% and 2.1%, respectively, as Dow Jones Indices announces the companies’ inclusions in the S&P 500 index.
- Tellurian Inc. (NYSE:TELL) rockets 13.5%, extending a 5-day rally that began last week following rumors of Saudi giant Aramco being in discussions with the company for a liquefied natural gas (LNG) project.
- GameStop Corp. (NYSE:GME) has extended Friday’s losses following the Roaring Kitty’s livestream, down by an additional 15% on Monday, further cooling the meme-stock sentiment. AMC Entertainment Inc (NYSE:AMC) is 6% lower.
- Shares of ICC Holdings, Inc (NASDAQ:ICCH) have gained over 35% after Mutual Capital Group announced plans to acquire the company.
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Image generated using artificial intelligence via Midjourney.