The financial community watched as the major Wall Street market averages traded higher on Monday as investors awaited Federal Reserve Chairman Jerome Powell's speech in Jackson Hole, scheduled for later in the week.
The blue-chip Dow Jones index (DJI) that is above 0.4%. The benchmark S&P 500 index (SP500) was up 0.5%and the technology-focused Nasdaq Composite (COMP:IND) was higher in 0.6%.
From a sector perspective, all 11 S&P sectors were in the green. The two segments that have advanced the most so far this session have been Communication Services and Consumer Discretionary, while Consumer Staples have suffered the most.
The Treasury market has been relatively quiet, with the yield on the short-dated 2-year US Treasury note (US2Y) rising 1 basis point to 4.06%. At the same time, the yield on the long-dated 10-year US Treasury note (US10Y) fell 2 basis points to 3.86%. See how other yields are trading across the yield curve here.
On the economic front, the US leading indicator index fell more than expected in July, down -0.6% to 100.4, versus the consensus figure of -0.3%.
Additionally, U.S. e-commerce retail sales growth slowed to 1.3% in the second quarter to $291.6 billion, slowing from a 2.1% increase in the previous quarter, the U.S. Census Bureau said Monday.
“This week, investors will be in focus at the Jackson Hole Economic Symposium, which runs from Thursday afternoon to Saturday. Markets are coming into this event in a much better mood than they seemed to be two weeks ago, as the extreme volatility seen in early August seems almost a distant memory,” said Peter Sidorov of Deutsche Bank.
The Kansas City Federal Reserve is hosting its annual Economic Policy Symposium. The key event will be on Friday with a speech by Powell, which is expected to set the stage for a rate cut in September.
Investors will be watching for signals on the timing and pace of rate cuts, especially Powell's speech, Sidorov added.
In the healthcare arena, more cases of monkeypox (MPOX) are emerging around the world, with the virus spreading to Sweden, Pakistan and the Philippines. This was enough for the World Health Organization to declare a global public health emergency last week, which may speed up vaccine access and distribution.
As for stocks that have been on the move, ZIM Integrated Shipping Services (ZIM) shares soared more than 20% after the company delivered a strong second-quarter performance and significantly raised its full-year outlook.
