NEW YORK (AP) โ U.S. stocks closed mixed Monday, with bond yields rising. Elections continue to generate oscillations in financial markets around the world.
The S&P 500 rose 0.3% to kick off a shortened, four-day week that includes the July 4 holiday. The Dow Jones Industrial Average rose 50 points, or 0.1%, and the Nasdaq Composite gained 0.8%.
Some of the world's strongest moves came across the Atlantic, where Paris's CAC 40 index rose as much as 2.8% before settling to a 1.1% gain. Results from France suggested a A far-right political party may fail to achieve a decisive majority in the country's legislative elections. That reinforced hopes of a possible deadlock in the French government, which would avoid an unfavorable scenario in which a far right with a clear majority could put pressure on policies that would greatly increase French government debt.
This is a big year for elections around the world, with voters heading to the The UK elections will be held later this week. and soon elsewhere. In the United States, pollsters are measuring the consequences Last week's debate between President Joe Biden and former President Donald Trump. All of this highlights โpolitical polarization and how elections are shaping the economy, rather than the other way around,โ according to Nick Gentle and others in Barclaysโ product management group.
Trump Media & Technology Group, whose stock has been moving up and down based on Trumpโs White House prospects, rose 1% to $33.08. However, shares of the company behind Trumpโs Truth Social platform are still well below their level of about $70 hit earlier this year.
The bond market was the scene of some of the strongest trading in the U.S. Treasury yields rose again, as they did on Friday immediately after the Biden-Trump debate. Increased prospects for a Republican landslide victory in November sent traders back to 2016 moves, according to Morgan Stanley strategists. In addition to pushing rates higher, traders also piled into oil and gas and financial stocks.
The 10-year Treasury yield rose to 4.46% from 4.39% late Friday and 4.29% late Thursday. This is a reversal of the general trend since the spring, when the 10-year Treasury yield had topped 4.70% in late April.
Yields had been falling largely on hopes that inflation would slow enough to convince the Federal Reserve to reduced its main interest rate later this year, below the highest level in more than two decades. High rates have been The impact on the US economy Making it more expensive borrow money for a housecar or anything else.
Hopes for rate cuts remained after a report on Monday showed the US The manufacturing industry weakened Last month, inflation rose more than economists had expected. And, perhaps even more important for Wall Street, the Institute for Supply Management report also indicated that price increases are slowing. Taken together, the data could offer further evidence that the Federal Reserve wants to see inflation pressure ease before cutting rates.
The biggest economic data this week is likely to come Friday, when the U.S. government announces how many workers employers hired in June. Economists predict that overall hiring slowed to 190,000, down from 272,000 in May. That would bring the figure closer to what Bank of America calls the โGoldilocksโ figure of about 150,000, plus or minus 25,000.
At that level, the US economy could continue to grow and avoid a recession without being so strong as to put too much upward pressure on inflation.
On Wall Street, Chewy went from a big initial gain to a 6.6% loss after a A well followed trader named Keith Gill disclosed that he owned just over 9 million shares of the pet supplies company. That represents about 6.6% of the entire company, according to a filing Monday with the Securities and Exchange Commission.
Overall, the S&P 500 rose 14.61 points to 5,475.09, even though three out of four stocks in the index fell. Gains for Meta and other influential big names, such as Nvidia's 0.6% rise, overshadowed those losses.
The Dow gained 50.66 points to 39,169.52, and the Nasdaq Composite rose 146.70 points to 17,879.30.
In overseas stock markets, Japan's Nikkei 225 added 0.1% after a quarterly survey The Bank of Japan's "tankan" report showed a modest improvement in sentiment among the country's major manufacturers. Shanghai stocks rose 0.9% on the back of the mixed economic data.
