Dow, S&P 500, Nasdaq: US stock markets hardly move - inflation data in focus
The major US stock indices continue to be at record highs, but the momentum from last week has weakened. The continued lack of progress in the Gulf does not change this.
After a week of record highs, US investors remained cautious on Monday as the major indices barely moved, mirroring the subdued performance of European markets at the start of the week. The Dow Jones Index saw a slight decline, settling at 53,975 points, just below the prior week's record of 54,739 points. The broader S&P 500 remained essentially unchanged at 7,753 points, with the previous peak at 7,792 points.
The tech-focused Nasdaq Composite Index slipped marginally at 26,605 points, while the Nasdaq 100, comprising the 100 largest non-financial US technology companies, also remained relatively stable at 29,668 points.
Speculation of easing tensions in the Middle East and surprisingly weak US labor market data fueled the indices to new record highs and generated the biggest weekly gains since April. However, the unexpectedly weak labor market figures dampened the chances of higher interest rates, as the Federal Reserve (Fed) would further strain employment.
Initially, markets were predominantly anticipating a September rate hike, with only around 46% still expecting a September increase. Two primary factors currently drive market developments: concerns over the Hormuz Strait's situation, where Iran announced it was nearing a final agreement with Oman on new shipping routes. Tehran, however, insisted that the US must meet several conditions before the strategically important waterway is reopened.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
