Wall St climbs as oil prices ease, Fed meeting in focus
US stock indexes have risen as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, allaying investor concerns ahead of a Federal Reserve policy meeting.
Wall Street indexes shed more than 1.0 per cent on Friday as oil prices surged 7.0 per cent after Israel and Iran traded air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East.
Crude prices fell more than 3.0 per cent after touching their highest levels since January last week as the renewed military strikes over the weekend left oil production and export facilities unaffected, offering some respite to investors worried about a resurgence in inflation.
US stocks extended gains and crude prices fell further after the Wall Street Journal reported that Iran had been urgently signalling that it seeks to end to hostilities and resume talks over its nuclear programs, sending messages to Israel and the United States via Arab intermediaries.
"The strikes have continued, but it doesn't seem like the oil markets and shipping lanes have been disrupted. Markets are just calming down a little bit from that big surprise on Friday," David Miller, chief investment officer at Catalyst Funds, said.
Focus will shift to the US Federal Reserve's monetary policy decision on Wednesday, when policymakers are widely expected to keep interest rates unchanged.
Fed chair Jerome Powell's comments as well as the US central bank's updated projections for monetary policy and the economy will come under scrutiny as investors seek clues on the possibility of rate cuts later this year.
Money markets show traders pricing in about 46 basis points of cuts by the end of 2025, with a 56 per cent chance of a 25-bps reduction in September, according to CME Group's Fedwatch tool.
Key data expected this week includes monthly retail sales, import prices and weekly jobless claims.
In early trading on Monday, the Dow Jones Industrial Average rose 439.65 points, or 1.04 per cent, to 42,636.31, the S&P 500 gained 63.22 points, or 1.06 per cent, to 6,040.19, and the Nasdaq Composite gained 261.80 points, or 1.35 per cent, to 19,668.63.
Shares of telecom companies T-Mobile US, AT&T and Verizon were mixed after dipping earlier as Trump Organization launched a self-branded mobile network, dubbed Trump Mobile.
Meanwhile, UPS and FedEx edged up about 1.0 per cent after Trump Mobile named the companies as shipping partners.
Shares of Sarepta Therapeutics plunged 46 per cent after the company disclosed a second case of a patient dying due to acute liver failure after receiving its gene therapy for a rare form of muscular dystrophy.
US Steel rose 5.0 per cent after Trump approved Nippon Steel's $US14.9 billion ($A22.9 billion) bid for the company.
Cisco gained 1.8 per cent after Deutsche Bank upgraded the communications equipment maker to "buy" from "hold".
Advancing issues outnumbered decliners by a 4.36-to-1 ratio on the NYSE and 2.7-to-1 ratio on the Nasdaq.
The S&P 500 posted 11 new 52-week highs and three new lows while the Nasdaq Composite recorded 43 new highs and 67 new lows.
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The Advertiser
26 minutes ago
- The Advertiser
Wall St gains as oil prices pull back on truce hopes
US stocks have closed higher as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, easing investor concerns about the potential for higher energy prices to stoke inflation. Crude prices settled down more than 1.0 per cent on hopes a truce was on the horizon between Israel and Iran after days of missile strikes, as Iran called on US President Donald Trump to force a ceasefire in the four-day-old aerial war, while Israel's prime minister said his country was on the "path to victory". Oil prices had surged more than 7.0 per cent on Friday after Israel began bombing Iran. Iran has asked Qatar, Saudi Arabia and Oman to press Trump to use his influence with Israel to agree to an immediate ceasefire in return for Iran's flexibility in nuclear negotiations, sources told Reuters. "The wild card is really what's going to happen to oil prices ... any little geopolitical move can have pretty big impacts on that sector and in this economy also," said George Young, portfolio manager with Villere & Co in New Orleans. "The cases that the consumer pulls in their horns and their nerves about inflation and don't spend, well, that's going to have a direct impact on earnings, it doesn't matter which sector of the economy you've invested in." The Dow Jones Industrial Average rose 317.30 points, or 0.75 per cent, to 42,515.09, the S&P 500 gained 56.14 points, or 0.94 per cent, to 6,033.11 and the Nasdaq Composite gained 294.39 points, or 1.52 per cent, to 19,701.21. The Nasdaq registered its biggest daily percentage gain since May 27. Investors are also awaiting the US Federal Reserve's monetary policy decision on Wednesday, when policy makers are widely expected to keep interest rates unchanged. Money markets are largely not expecting the Fed to cut rates until September, pricing in a 61.1 per cent chance for a cut of at least 25 basis points, according to LSEG data. "Interest rates are still higher and so that one is a bit tough to fathom because perhaps markets are still anticipating some inflation," said Jack Ablin, chief investment officer of Cresset Capital in Chicago. "If nothing else, just the heightened uncertainty combined with the tariffs is probably keeping the Fed sidelined." Economic data expected this week includes monthly retail sales, import prices and weekly jobless claims. Tech and communication services led S&P sector gains while utilities was the worst performer. The Philadelphia SE Semiconductor index jumped 3.03 per cent, led by an 8.81 per cent surge in Advanced Micro Devices after Piper Sandler raised its price target on the chipmaker. UPS and FedEx gained 1.1 per cent each after the Trump Organization launched a self-branded mobile network, dubbed Trump Mobile, and named the companies as shipping partners. Shares of Sarepta Therapeutics plummeted 42.1 per cent after the company disclosed a second case of a patient dying due to acute liver failure after receiving its gene therapy for a rare form of muscular dystrophy. US Steel rose 5.1 per cent after Trump approved Nippon Steel's $US14.9 billion ($A22.9 billion) bid for the company. Advancing issues outnumbered decliners by a 1.97-to-1 ratio on the NYSE and by a 1.9-to-1 ratio on the Nasdaq. The S&P 500 posted 16 new 52-week highs and five new lows while the Nasdaq Composite recorded 74 new highs and 96 new lows. Volume on US exchanges was 17.86 billion shares, compared with the 18.14 billion average for the full session over the last 20 trading days. US stocks have closed higher as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, easing investor concerns about the potential for higher energy prices to stoke inflation. Crude prices settled down more than 1.0 per cent on hopes a truce was on the horizon between Israel and Iran after days of missile strikes, as Iran called on US President Donald Trump to force a ceasefire in the four-day-old aerial war, while Israel's prime minister said his country was on the "path to victory". Oil prices had surged more than 7.0 per cent on Friday after Israel began bombing Iran. Iran has asked Qatar, Saudi Arabia and Oman to press Trump to use his influence with Israel to agree to an immediate ceasefire in return for Iran's flexibility in nuclear negotiations, sources told Reuters. "The wild card is really what's going to happen to oil prices ... any little geopolitical move can have pretty big impacts on that sector and in this economy also," said George Young, portfolio manager with Villere & Co in New Orleans. "The cases that the consumer pulls in their horns and their nerves about inflation and don't spend, well, that's going to have a direct impact on earnings, it doesn't matter which sector of the economy you've invested in." The Dow Jones Industrial Average rose 317.30 points, or 0.75 per cent, to 42,515.09, the S&P 500 gained 56.14 points, or 0.94 per cent, to 6,033.11 and the Nasdaq Composite gained 294.39 points, or 1.52 per cent, to 19,701.21. The Nasdaq registered its biggest daily percentage gain since May 27. Investors are also awaiting the US Federal Reserve's monetary policy decision on Wednesday, when policy makers are widely expected to keep interest rates unchanged. Money markets are largely not expecting the Fed to cut rates until September, pricing in a 61.1 per cent chance for a cut of at least 25 basis points, according to LSEG data. "Interest rates are still higher and so that one is a bit tough to fathom because perhaps markets are still anticipating some inflation," said Jack Ablin, chief investment officer of Cresset Capital in Chicago. "If nothing else, just the heightened uncertainty combined with the tariffs is probably keeping the Fed sidelined." Economic data expected this week includes monthly retail sales, import prices and weekly jobless claims. Tech and communication services led S&P sector gains while utilities was the worst performer. The Philadelphia SE Semiconductor index jumped 3.03 per cent, led by an 8.81 per cent surge in Advanced Micro Devices after Piper Sandler raised its price target on the chipmaker. UPS and FedEx gained 1.1 per cent each after the Trump Organization launched a self-branded mobile network, dubbed Trump Mobile, and named the companies as shipping partners. Shares of Sarepta Therapeutics plummeted 42.1 per cent after the company disclosed a second case of a patient dying due to acute liver failure after receiving its gene therapy for a rare form of muscular dystrophy. US Steel rose 5.1 per cent after Trump approved Nippon Steel's $US14.9 billion ($A22.9 billion) bid for the company. Advancing issues outnumbered decliners by a 1.97-to-1 ratio on the NYSE and by a 1.9-to-1 ratio on the Nasdaq. The S&P 500 posted 16 new 52-week highs and five new lows while the Nasdaq Composite recorded 74 new highs and 96 new lows. Volume on US exchanges was 17.86 billion shares, compared with the 18.14 billion average for the full session over the last 20 trading days. US stocks have closed higher as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, easing investor concerns about the potential for higher energy prices to stoke inflation. Crude prices settled down more than 1.0 per cent on hopes a truce was on the horizon between Israel and Iran after days of missile strikes, as Iran called on US President Donald Trump to force a ceasefire in the four-day-old aerial war, while Israel's prime minister said his country was on the "path to victory". Oil prices had surged more than 7.0 per cent on Friday after Israel began bombing Iran. Iran has asked Qatar, Saudi Arabia and Oman to press Trump to use his influence with Israel to agree to an immediate ceasefire in return for Iran's flexibility in nuclear negotiations, sources told Reuters. "The wild card is really what's going to happen to oil prices ... any little geopolitical move can have pretty big impacts on that sector and in this economy also," said George Young, portfolio manager with Villere & Co in New Orleans. "The cases that the consumer pulls in their horns and their nerves about inflation and don't spend, well, that's going to have a direct impact on earnings, it doesn't matter which sector of the economy you've invested in." The Dow Jones Industrial Average rose 317.30 points, or 0.75 per cent, to 42,515.09, the S&P 500 gained 56.14 points, or 0.94 per cent, to 6,033.11 and the Nasdaq Composite gained 294.39 points, or 1.52 per cent, to 19,701.21. The Nasdaq registered its biggest daily percentage gain since May 27. Investors are also awaiting the US Federal Reserve's monetary policy decision on Wednesday, when policy makers are widely expected to keep interest rates unchanged. Money markets are largely not expecting the Fed to cut rates until September, pricing in a 61.1 per cent chance for a cut of at least 25 basis points, according to LSEG data. "Interest rates are still higher and so that one is a bit tough to fathom because perhaps markets are still anticipating some inflation," said Jack Ablin, chief investment officer of Cresset Capital in Chicago. "If nothing else, just the heightened uncertainty combined with the tariffs is probably keeping the Fed sidelined." Economic data expected this week includes monthly retail sales, import prices and weekly jobless claims. Tech and communication services led S&P sector gains while utilities was the worst performer. The Philadelphia SE Semiconductor index jumped 3.03 per cent, led by an 8.81 per cent surge in Advanced Micro Devices after Piper Sandler raised its price target on the chipmaker. UPS and FedEx gained 1.1 per cent each after the Trump Organization launched a self-branded mobile network, dubbed Trump Mobile, and named the companies as shipping partners. Shares of Sarepta Therapeutics plummeted 42.1 per cent after the company disclosed a second case of a patient dying due to acute liver failure after receiving its gene therapy for a rare form of muscular dystrophy. US Steel rose 5.1 per cent after Trump approved Nippon Steel's $US14.9 billion ($A22.9 billion) bid for the company. Advancing issues outnumbered decliners by a 1.97-to-1 ratio on the NYSE and by a 1.9-to-1 ratio on the Nasdaq. The S&P 500 posted 16 new 52-week highs and five new lows while the Nasdaq Composite recorded 74 new highs and 96 new lows. Volume on US exchanges was 17.86 billion shares, compared with the 18.14 billion average for the full session over the last 20 trading days. US stocks have closed higher as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, easing investor concerns about the potential for higher energy prices to stoke inflation. Crude prices settled down more than 1.0 per cent on hopes a truce was on the horizon between Israel and Iran after days of missile strikes, as Iran called on US President Donald Trump to force a ceasefire in the four-day-old aerial war, while Israel's prime minister said his country was on the "path to victory". Oil prices had surged more than 7.0 per cent on Friday after Israel began bombing Iran. Iran has asked Qatar, Saudi Arabia and Oman to press Trump to use his influence with Israel to agree to an immediate ceasefire in return for Iran's flexibility in nuclear negotiations, sources told Reuters. "The wild card is really what's going to happen to oil prices ... any little geopolitical move can have pretty big impacts on that sector and in this economy also," said George Young, portfolio manager with Villere & Co in New Orleans. "The cases that the consumer pulls in their horns and their nerves about inflation and don't spend, well, that's going to have a direct impact on earnings, it doesn't matter which sector of the economy you've invested in." The Dow Jones Industrial Average rose 317.30 points, or 0.75 per cent, to 42,515.09, the S&P 500 gained 56.14 points, or 0.94 per cent, to 6,033.11 and the Nasdaq Composite gained 294.39 points, or 1.52 per cent, to 19,701.21. The Nasdaq registered its biggest daily percentage gain since May 27. Investors are also awaiting the US Federal Reserve's monetary policy decision on Wednesday, when policy makers are widely expected to keep interest rates unchanged. Money markets are largely not expecting the Fed to cut rates until September, pricing in a 61.1 per cent chance for a cut of at least 25 basis points, according to LSEG data. "Interest rates are still higher and so that one is a bit tough to fathom because perhaps markets are still anticipating some inflation," said Jack Ablin, chief investment officer of Cresset Capital in Chicago. "If nothing else, just the heightened uncertainty combined with the tariffs is probably keeping the Fed sidelined." Economic data expected this week includes monthly retail sales, import prices and weekly jobless claims. Tech and communication services led S&P sector gains while utilities was the worst performer. The Philadelphia SE Semiconductor index jumped 3.03 per cent, led by an 8.81 per cent surge in Advanced Micro Devices after Piper Sandler raised its price target on the chipmaker. UPS and FedEx gained 1.1 per cent each after the Trump Organization launched a self-branded mobile network, dubbed Trump Mobile, and named the companies as shipping partners. Shares of Sarepta Therapeutics plummeted 42.1 per cent after the company disclosed a second case of a patient dying due to acute liver failure after receiving its gene therapy for a rare form of muscular dystrophy. US Steel rose 5.1 per cent after Trump approved Nippon Steel's $US14.9 billion ($A22.9 billion) bid for the company. Advancing issues outnumbered decliners by a 1.97-to-1 ratio on the NYSE and by a 1.9-to-1 ratio on the Nasdaq. The S&P 500 posted 16 new 52-week highs and five new lows while the Nasdaq Composite recorded 74 new highs and 96 new lows. Volume on US exchanges was 17.86 billion shares, compared with the 18.14 billion average for the full session over the last 20 trading days.
Sky News AU
an hour ago
- Sky News AU
Trump meeting world leaders at G7 as Israel-Iran conflict intensifies
War and trade are expected to be at the top of the agenda for world leaders as the G7 summit begins in Canada. US President Donald Trump has multiple meetings lined up, starting with Canadian Prime Minister Mark Carney. Prime Minister Anthony Albanese said tariffs are an 'axe of economic self-harm'. The Israel-Iran conflict is now a major focus with most European leaders pushing hard for a ceasefire as soon as possible.
The Age
2 hours ago
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Trump family unveils gold ‘Made in America' phone, mobile service
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