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As on : 29-Oct-2024

Market Commentary - Foreign Markets
29-Oct-2024 12:28

US stocks cautious ahead of key economic releases

US stocks edged up during early trades yesterday but flipped back thereafter as investors maintained caution ahead of key economic releases. The major averages all finished the day in positive territory after turning in mixed performances over the two previous sessions. The Dow gained 273.17 points or 0.7 percent to 42,387.57, the Nasdaq rose 48.58 points or 0.3 percent to 18,567.19 and the S&P 500 added 15.40 points or 0.3 percent to 5,821.52.

Main focus stayed on a sharp drop in crude oil prices. WTI Crude Oil prices plunged nearly 6%, breaking under the key $70 per barrel level after Israel's retaliatory attack against Iran over the weekend did not damage the Islamic republic's energy facilities. Airline stocks spiked following this, with the NYSE Arca Airline Index soaring by 3.0 percent to its best closing level in over a year.

The U.S. economic data calendar is busy this week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight. Reports on third quarter GDP, consumer confidence, pending home sales and manufacturing sector activity will also provide some critical cues for upcoming monetary policy direction.

Meanwhile, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.6 basis points to a three-month closing high of 4.278 percent.

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