US stocks began climbing on Monday, clawing back some of the losses from their worst week since April.
ADVERTISEMENTThe S&P 500 was up 0.7% in early trading. The Dow Jones Industrial Average was up 167 points, or 0.4%, as of 9:35 local time, and the Nasdaq composite was 1.1% higher.
Big Tech stocks regained some of their sharp drops from last week to support the market. Nvidia and others had sputtered amid criticism they were too expensive after rocketing so high.
Treasury yields were holding relatively steady in the bond market after President Joe Biden announced he would not run for re-election.
Biden’s stepping aside over the weekend was not that much of a surprise for the market. “It was a matter of when, not if,” according to Brian Jacobsen, chief economist at Annex Wealth Management.
One week after the assassination attempt of Donald Trump, US President Joe Biden has decided to withdraw from the 2024 presidential race and endorse Vice President Kamala Harris as the Democratic Party’s nominee. Investors have become more cautious about the market response to recent political events, coupled with widely expected rate cuts by the Federal Reserve in September. Uncertainties are mounting and may cause further risk-off actions in markets.
The week will be packed with critical US and European company earnings, with Tesla, Microsoft, and LVMH reporting their second-quarter results.
Euro ticks up
Earlier, the US dollar weakened against most other major currencies…
