Dow positive, S&P 500 declines, Nasdaq down >1%
Tech weakest S&P sector; Energy leads gainers
Euro STOXX 600 index off ~0.6%
Dollar up; crude gains ~2%; gold falls; bitcoin down ~1.5%
U.S. 10-Year Treasury yield edges up to ~4.78%
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MAIN U.S. INDEXES MIXED, AWAIT INFLATION REPORTS, EARNINGS
The main U.S. indexes all opened lower on Monday as yields surged after robust payroll numbers last Friday bolstered expectations that the Federal Reserve will maintain a hawkish stance for most of 2025.
The Nasdaq .IXIC is leading the way down with a loss of more than 1%, while the S&P 500 index .SPX is off around 0.6%. That said, the Dow .DJI has quickly reversed into positive territory.
A majority of S&P 500 sectors are now higher on the day with energy .SPNY, up more than 2%, posting the biggest rise. This as NYMEX crude futures CLc1 are gaining on wider U.S. sanctions on Russian oil and the expected effects on exports to top buyers India and China.
Utilities .SPLRCU and tech .SPLRCT are taking the biggest hits.
Of note, the RoundHill Magnificent Seven ETF MAGS.O is now down more than 8% from its mid-December closing peak.
Meanwhile, markets are awaiting December PPI on Tuesday and December CPI on Wednesday for more clues on the potential for 2025 rate cuts.
Additionally, markets are also bracing for the unofficial kick-off to Q4 reporting season on Wednesday and a number of big banks are due to release their results this week including JP Morgan JPM.N, Citibank C.N, Wells Fargo WFC.N and Goldman Sachs GS.N.
Here is an early trade snapshot from around 1015 EST:
(Terence Gabriel)
*****
FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
S&P 500 INDEX: CHART DAMAGE INTENSIFIES, TRADERS EYE SUPPORT - CLICK HERE
THE RETURN OF THE "KANGABULL" - CLICK HERE
US INVESTORS BULLISH ON EUROPEAN AEROSPACE & DEFENCE - BOFA - CLICK HERE
HIGHER YIELDS BAD NEWS FOR EUROPEAN SMALL AND MID CAPS - CLICK HERE
HOW GERMAN ELECTIONS CAN AFFECT FINANCIAL MARKETS - CLICK HERE
EUROPE BEFORE THE BELL: FUTURES DOWN AS TRADERS EYE STRONG US ECONOMY - CLICK HERE
FORGET THE SOFT LANDING, JUST KEEP FLYING - CLICK HERE
Earlytrade01132025 https://tmsnrt.rs/3PEAIqh
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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