Dow Jones gains while broader U.S. markets struggle

NEW YORK, New York – U.S. stocks had a divided day on Monday as investors and traders speculated over what the Federal Resreve will do this week following the monthly FOMC meeting. The market firm believes interest rates will finally be cut, but were divided over whether it will be a quarter-percent or half-percent reduction.

“If the Fed does start by cutting 50 bps, but at the same time reiterates that it is doing so to preserve the economy’s soft landing, this is stock-market positive,” XTB research director Kathleen Brooks told Reuters Monday.

“If it sounds like the Fed has to panic-cut interest rates because of some gray cloud on the horizon, then expect stocks to sell off,” she said.

Monday closed with the Dow Jones appreciably in front, the Nasdaq Composite in negative territory, and the Standard and Poor’s 500 a little better than flat.

Here are Monday’s closing quotes:

The Standard and Poor’s 500 rose by 7.07 points, or 0.13 percent, to close at 5,633.09. Despite ongoing market volatility, the index managed to edge higher, reflecting resilience in some sectors of the broader market. Trading volume for the day reached 2.256 billion shares.

The Dow Jones Industrial Average (DJI) had a strong performance, climbing by 228.30 points, or 0.55 percent, to close at 41,622.08. The Dow benefited from gains in blue-chip stocks, with sentiment boosted by positive economic data. The total trading volume was 377.728 million shares.

On the other hand, the NASDAQ Composite faced a decline, dropping 91.85 points, or 0.52 percent, to end the session at 17,592.13. The tech-heavy index struggled as some of the larger technology stocks pulled back, leading to a negative close. The trading volume for NASDAQ reached 4.145 billion shares.

Overall, Monday’s market activity reflected a divergence between sectors, with rate-sensitive technology stocks under pressure, while industrials and financials showed resilience.

Foreign Exchange Market Update for Monday: Mixed Performance Among Major Currencies

Overall, the foreign exchange market on Monday displayed a mix of gains and losses, with the British Pound and Australian Dollar emerging as the top performers, while the U.S. Dollar also weakened against the Swiss Franc and the euro. Here’s a breakdown of the latest quotes in late U.S. trading Monday:

The Euro/US Dollar (EUR/USD) pair strengthened, rising by 0.46 percent to close at 1.1123. This increase reflects continued support for the euro against the US Dollar, driven by European economic data.

Meanwhile, the US Dollar/Japanese Yen (USD/JPY) saw a slight increase of 0.03 percent, with the pair closing at 140.81. The minimal change highlights the relative stability in the exchange rate between these two major currencies, after hefy recent rises in the Japanese yen, including an intra-day 1-year high on Monday.

The US Dollar/Canadian Dollar (USD/CAD) pair also experienced a modest gain, rising by 0.06 percent to last trade at 1.3591. This increase points to mild strengthening of the U.S. Dollar against the Canadian Dollar.

The British Pound/US Dollar (GBP/USD) pair saw more significant movement, with the British Pound rising by 0.68 percent to 1.3209. T

In contrast, the US Dollar/Swiss Franc (USD/CHF) pair declined, falling by 0.37 percent to close at 0.8456, as the Swiss Franc gained strength against the U.S. Dollar.

The Australian Dollar/US Dollar (AUD/USD) pair posted a strong performance, rising by 0.68 percent to reach 0.6746. The Australian Dollar benefited from positive sentiment in the region’s besieged commodity markets.

Finally, the New Zealand Dollar/US Dollar (NZD/USD) saw a gain of 0.55 percent, last changing hands at 0.6189. The rise reflects improving economic conditions in New Zealand, boosting the Kiwi against the greenback.

On the strength of Monday’s movements, the U.S. Dollar Index dropped by 0.35 points to 100.77, a 0.34 percent decrease.

Global Stock Markets Closing Quotes for Monday: Mixed Performance Across Key Indices

On Monday, the global stock markets experienced a mix of gains and losses, with some indices showing slight increases, while others registered notable declines. Here’s a detailed look at how major indices fared:

CANADA

In Canada, the S&P/TSX Composite Index saw a strong gain of 133.42 points, or 0.57 percent, closing at 23,702.07. The Canadian market benefited from strength in energy and financial sectors, pushing the index higher.

UNITED KINGDOM

The FTSE 100 in London closed at 8,278.44 Monday, gaining 5.35 points or 0.06 percent.

EUROPE

However, in Germany, the DAX Performance Index dropped by 66.29 points, closing at 18,633.11, marking a 0.35 percent decline.

France’s CAC 40 also faced losses, down by 15.81 points to close at 7,449.44, a 0.21 percent decrease.

The Euro Stoxx 50 saw a similar trend, shedding 16.36 points to close at 4,827.63, reflecting a 0.34 percent dip.

The Euronext 100 also fell, closing at 1,466.78 after a 4.64-point drop, down by 0.32 percent.

ASIA

In the Asian markets, the Hang Seng Index in Hong Kong rose by 53.03 points, closing at 17,422.12, up by 0.31 percent.

China’s SSE Composite Index dropped by 13.03 points, closing at 2,704.09, a 0.48 percent decline.

In Japan, the Nikkei 225 experienced a significant drop of 251.54 points, closing at 36,581.76, down by 0.68 percent.

Singapore’s STI Index gained 7.78 points to close at 3,570.43, an increase of 0.22 percent.

In India, the S&P BSE Sensex added 97.84 points to close at 82,988.78, a 0.12 percent increase.

The IDX Composite in Indonesia rose by 13.98 points, closing at 7,812.13, up by 0.18.

Malaysia’s FTSE Bursa Malaysia KLCI was among the better performers, gaining 13.84 points to close at 1,652.15, an increase of 0.84 percent.

South Korea’s KOSPI Composite Index managed a modest gain of 3.32 points, closing at 2,575.41, up by 0.13 percent.

In Taiwan the TSEC Weighted Index advanced by 90.43 points to close at 21,850.08, marking a 0.42 percent increase.

OCEANIA

Australia’s S&P/ASX 200 closed higher at 8,121.60, up 21.70 points or 0.27 percent, while the Ausralian All Ordinaries also saw gains, rising by 17.60 points to close at 8,341.10, up by 0.21 percent.

Meanwhile, New Zealand’s S&P/NZX 50 Index dropped significantly by 128.16 points, closing at 12,704.39, a 1.00 percent decline.

MIDDLE EAST

Elsewhere, Egypt’s EGX 30 Price Return Index fell by 237.60 points to close at 30,260.20, a 0.78 percent decline.

The TA-125 Index in Israel registered a more significant drop, falling by 32.92 points to close at 2,016.56, a 1.61 percent loss.

AFRICA

The JNOU.JO is South Africa edged up 8.43 points or 0.19 percent to 4,520.21.