Stock Market Gains As Nasdaq, Apple Lead Gains
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The tech heavy Nasdaq composite led gains among major indexes Monday morning as investors reacted to Russia's withdrawal from some regions of Ukraine. Meanwhile, economists expected inflation data due out on Tuesday to show it's slowing. Apple (AAPL) stock gained more than 2%. Energy stocks led sectors.
XThe Nasdaq composite traded 1.2% higher. The Dow Jones Industrial Average gained 1% while the S&P 500 was up 1.2%. The small-cap Russell 2000 index was up 1.1%.
Volume rose on the Nasdaq and the NYSE vs. the same time on Friday.
Stock Market On Track For Second Straight Up WeekThe Dow Jones closed last week up 2.7%, snapping a three-week losing streak. Other major indexes also performed in similar fashion last week.
U.S. consumer-price inflation data, due Tuesday, dominates investors' focus this week. The CPI data is expected to show August was the second month of cooling inflation pressures after hitting a four-decade high in July. The Econoday consensus is for an annual rate of 8%, after last month's 8.5%. The figures will help Fed officials gauge how much further they need to lift interest rates.
Markets are already writing off a 75-basis point hike as a given for an inflation-fighting measure when the Federal Reserve meets next week. Investors now see an 88% chance of a 75-basis-point hike vs. a 12% likelihood the Fed will boost rates by 50 basis points, according to the CBOE's Fed Watch tracking tool.
The 10-year U.S. Treasury note's yield slipped one basis point to 3.28%.
European Markets Gain SharplyEuropean markets all gained sharply on Monday after Russia withdrew more forces from the Kharkiv region of Ukraine as Kyiv's forces continued their push into Russian-occupied territory and the government pledged that all areas seized by Moscow would be retaken.
The London FTSE 100 gained 1.4%, the German DAX rose 2% and the French CAC 40 was up 1.5%.
The price of Bitcoin rallied, topping $22,000 for the first time since Aug. 19.
Apple Gains, Overtakes 50-Day Moving AverageApple shares rose 2.5%, signaling a move back above the 50-day moving average and a slight rise above the 200-day line. The stock is about 11% away from a buy point at 176.25 off a cup with handle.
Microsoft (MSFT) gained 1% as it followed the gains in the technology sector.
Oracle (ORCL) gained 1% ahead of earnings that are due out today after the close of business. FactSet analysts expect it to earn $1.07 a share on sales of $11.44 billion for the August quarter.
Tesla (TSLA) stock gained 1.6% and Amazon.com (AMZN) rallied 1.7%.