- Stocks opened higher on Monday as oil prices slid and bond yields fell.
- Senate Democrats passed legislation late Sunday that respects the climate, health care and taxes.
- Wall Street awaits key inflation data due out on Wednesday.
U.S. stocks opened higher on Monday as bond yields and oil prices fell, as Wall Street braces for a major inflation report midweek.
Traders were also weighing the impact of a key part of President Biden’s economic agenda, which Senate Democrats voted on Sunday night along party lines. Vice President Kamala Harris cast the deciding vote to send the bill to the House and then to Biden’s office.
The legislation is a far cry from its original form which was $3.5 trillion in new spending on climate change, health care and taxes. The new bill includes about $700 billion in spending, which was agreed only after lengthy negotiations with holdout senators Joe Manchin and Kirsten Sinema.
Meanwhile, a stronger-than-expected jobs report on Friday caused Wall Street to rethink recession risks while considering another hike in benchmark Federal Reserve interest rates to further calm inflation. Consumer price index data for July will be released on Wednesday.
Here’s where the U.S. indices stood shortly after the 9:30 a.m. ET opening bell on Monday:
Gas prices could recover after falling $5 a gallon in June, according to a Goldman Sachs report, pointing to supply constraints creating upward pressure on prices.
Economist Mohamed El-Erian believes the Fed’s slow response to scorching inflation will cause “collateral damage” to the economy. The central bank raised benchmark rates by 75 basis points at meetings in June and July, while Chairman Jerome Powell said the Fed’s next moves would depend on the data.
And investors could feel the brunt of that pain as stocks react negatively to further rate hikes, says Mark Mobius. The well-known emerging market investor has previously claimed he sees rates going up to 7%.
West Texas Intermediate crude oil fell 1.30% to $88 a barrel. Brent, the international benchmark, fell 0.92% to $94.02.
Gold climbed 0.39% to $1,781.62. The yield on 10-year Treasury notes fell 4.6 basis points to 2.794%.
Bitcoin surged to $24,080.57.
- Stocks opened higher on Monday as oil prices slid and bond yields fell.
- Senate Democrats passed legislation late Sunday that respects the climate, health care and taxes.
- Wall Street awaits key inflation data due out on Wednesday.
U.S. stocks opened higher on Monday as bond yields and oil prices fell, as Wall Street braces for a major inflation report midweek.
Traders were also weighing the impact of a key part of President Biden’s economic agenda, which Senate Democrats voted on Sunday night along party lines. Vice President Kamala Harris cast the deciding vote to send the bill to the House and then to Biden’s office.
The legislation is a far cry from its original form which was $3.5 trillion in new spending on climate change, health care and taxes. The new bill includes about $700 billion in spending, which was agreed only after lengthy negotiations with holdout senators Joe Manchin and Kirsten Sinema.
Meanwhile, a stronger-than-expected jobs report on Friday caused Wall Street to rethink recession risks while considering another hike in benchmark Federal Reserve interest rates to further calm inflation. Consumer price index data for July will be released on Wednesday.
Here’s where the U.S. indices stood shortly after the 9:30 a.m. ET opening bell on Monday:
Gas prices could recover after falling $5 a gallon in June, according to a Goldman Sachs report, pointing to supply constraints creating upward pressure on prices.
Economist Mohamed El-Erian believes the Fed’s slow response to scorching inflation will cause “collateral damage” to the economy. The central bank raised benchmark rates by 75 basis points at meetings in June and July, while Chairman Jerome Powell said the Fed’s next moves would depend on the data.
And investors could feel the brunt of that pain as stocks react negatively to further rate hikes, says Mark Mobius. The well-known emerging market investor has previously claimed he sees rates going up to 7%.
West Texas Intermediate crude oil fell 1.30% to $88 a barrel. Brent, the international benchmark, fell 0.92% to $94.02.
Gold climbed 0.39% to $1,781.62. The yield on 10-year Treasury notes fell 4.6 basis points to 2.794%.
Bitcoin surged to $24,080.57.