Day Traders Diary
The major averages rose on Monday as the rally on Wall Street continued and traders prepared for a big week for retail earnings. The Dow Jones Industrial Average added 151 points, or 0.45% to close at 33,912. The S&P 500 rose 0.4% or 16 points to 4,297 while the Nasdaq Composite edged up 80 points or 0.62% to 13,128.
The Dow closed above its 200-day moving average for the first time since April 20, an indicator often viewed as a signal of where the market could be headed going forward.
Stocks opened the session lower, led by declines in energy and financials, before rebounding into positive territory. Consumer staples, communication services and consumer discretionary moved higher, while Tesla pulled technology into positive territory. Disney gained on news of hedge fund manager Dan Loeb's stake.
The moves came despite disappointing economic data out of China, where the country's central bank cut rates unexpectedly, raising concern over China's economic recovery.
The S&P 500 is coming off its fourth straight one-week gain, marking the benchmark's longest winning streak since 2021 after economic data showed inflation pressures could be easing a bit. The Nasdaq and Dow also rose last week.
Investors this week are keeping an eye on earnings from big retailers including Home Depot, Walmart and Target, and listening for further clues on how their businesses have been affected by inflation.
U.S. oil prices slip to levels last seen in February
Crude oil prices fell on Monday, slumping on disappointing Chinese economic data.
U.S. West Texas Intermediate crude settled down 2.9%, ending the day at $89.41 per barrel. Prices slumped as low as $86.82 during the day, the lowest level since Feb. 3.
Brent crude futures ended the day 3.1% lower at $95.10 a barrel. The benchmark fell as low as $92.78, the lowest level since Aug. 5.
The slide in oil prices coincides with China's central bank cutting its interest rates, raising worries around Beijing's economic recovery.
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