Main US indexes advance in choppy trade; S&P 500 ends up ~0.8%
Real Est leads S&P 500 sector gainers; Cons Disc sole loser
Dollar, gold decline; crude edges up; bitcoin gains >1.5%
U.S. 10-Year Treasury yield slides to ~4.38%
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DESPITE DEATH CROSS, U.S. STOCKS SHOW LIFE
The three major U.S. stock indexes gyrated on Monday, but ultimately closed higher. Apple AAPL.O gave the S&P 500 index .SPX its biggest boost as the White House exempted smartphones and computers from new tariffs, but uncertainty over future tariffs remains at the forefront of investor's minds.
The United States unveiled the exemptions on Friday, but then President Donald Trump on Sunday said he would be announcing the tariff rate on imported semiconductors over the next week.
Meanwhile, Fed Governor Christopher Waller said on Monday that the Trump administration's tariff policies are a major shock to the U.S. economy that could lead the Federal Reserve to cut interest rates to head off recession even if inflation remains high, or alternately leave little lasting imprint if they turn out to be a negotiating tool.
Of note, the S&P 500 index's 50-day moving average $(DMA)$ crossed below its 200-DMA on Monday producing a "death cross." However, it remains to be seen if this will prove to be as ominous as it sounds - Click Here.
The SPX ended up about 0.8%, and nearly all of its sectors finished in positive territory. Real estate .SPLRCR led gainers with a more than 2% rise. Consumer discretionary .SPLRCD, which closed off just 0.1%, was the only loser.
Under the surface, transports .DJT and regional banks .KRX were among outperformers.
Additionally, the U.S. 10-year Treasury yield US10YT=RR is tumbling more than 10 basis points as last week's monumental Treasury shakeout paused.
And the CBOE volatility index .VIX, which hit a high of 60.13 last Monday, fell to a seven-day low at 29.88. That said, although well off last week's high, with its current level around 31, it continues to suggest elevated uncertainty.
Here is a snapshot of where markets stood just shortly after 4 p.m. EDT:
(Terence Gabriel)
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FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
RUSSELL 2000 RECONSTITUTION CUTOFF NEARING 2020 COVID LOW - CLICK HERE
CROSSMARK GLOBAL PEGS S&P 500 FAIR VALUE AT 4,850 - CLICK HERE
US TARIFFS COULD REDUCE GLOBAL TRADE BY 5%, WORLD GDP BY 1% - CLICK HERE
U.S. STOCKS RALLY OUT OF THE GATE AS TECH GAINS ON TARIFF REPRIEVE - CLICK HERE
S&P 500 INDEX POISED TO BOUNCE, BUT DEATH CROSS LOOMS - CLICK HERE
DOLLAR WEAKNESS CATCHES SOME OFF GUARD - CLICK HERE
ARE WE OUT OF THE WOODS? - CLICK HERE
EUROPEAN SOFTWARE: A SECTOR IN LIMBO - CLICK HERE
BROAD GAINS LIFT THE STOXX - CLICK HERE
BEFORE THE BELL: TECH CHARGES UP, LVMH KICKS OFF EARNINGS - CLICK HERE
DOING THE TARIFF TWO-STEP - CLICK HERE
Closer04142025 https://tmsnrt.rs/4cyJ5yy
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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