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  3. US markets end mostly in green on Monday

US markets end mostly in green on Monday

09 May 2023 Evaluate

The US markets struggled for direction and ended mostly in green on Monday as traders seemed reluctant to make significant moves ahead to the release of key inflation data later in the week. The reports on consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could have a significant impact on the outlook for interest rates. Ahead of the data, CME Group's FedWatch Tool is currently indicating an 88.0 percent chance the Federal Reserve will leave interest rates unchanged at its next meeting in June. Fed Chair Jerome Powell said following last week's rate hike that the central bank would take a ‘data-dependent approach’ to future monetary policy decisions.

On the economic data front, the Commerce Department released a report showing U.S. wholesale inventories were unexpectedly unchanged in the month of March. The report said wholesale inventories were virtually unchanged in March, while revised data showed inventories were also unchanged in February. Street had expected wholesale inventories to inch up by 0.1 percent, matching the uptick originally reported for the previous month. On the sectoral front, most of the major sectors showed only modest moves on the day, contributing to the lackluster performance by the broader markets. Telecom stocks showed a notable move to the downside, however, with the NYSE Arca North American Telecom Index falling by 1.1 percent to its lowest closing level in over a month. Weakness was also visible among tobacco stocks, as reflected by the 1.1 percent drop by the NYSE Arca Tobacco Index.

Nasdaq added 21.5 points or 0.18 percent to 12,256.92 and S&P 500 was up by 1.87 points or 0.05 percent to 4,138.12, while Dow Jones Industrial Average fell 55.69 points or 0.17 percent to 33,618.69.

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