Fri, 01 Dec 2023

NEW YORK, New York - U.S. stocks continued to tread water on Monday.

"Everyone's just waiting for tech earnings," Chris Harvey, head of equity strategy at Wells Fargo Securities told CNBC Monday. "This is a very, very busy week for earnings, so we're just treading water."

Chris Zaccarelli, chief investment officer at the Independent Advisors Alliance is not so sure.

"A lot of the good news is already in the price," Zaccarelli told CNBC Monday. "It's going to take a lot more for tech earnings this week to really move the needle on stock prices."

The Nasdaq Composite slid 35.25 points or 0.29 percent to close Monday at 12,037.20.

The Dow Jones industrials added 66.44 points or 0.20 percent to 33,875.40.

The Standard and Poor's 500 edged up 3.52 points or 0.09 percent to 4,137.04.

The euro unexpectedly jumped sharply throughout the day, finishing around 1.10440, for a gain on the day Monday of 0.51 percent. The U.S. dollar also lost ground against the Japanese yen, with the U.S. dollar/Japanese yen pair closing at 134.32, up 0.16 percent.

The Canadian dollar saw a slight increase of 0.01 percent to 1.3540. The British pound gained against the U.S. dollar, with the British pound/U.S. dollar pair rising to 1.24804, up 0.31 percent.

The Swiss franc accelerated to 0.8881, down 0.45 percent. The Australian dollar, in contrast, was only a fraction higher at 0.6692.

The New Zealand dollar, going against the trend, dived 0.46 percent to 0.6164.

Analysts attributed the weaker US dollar to various factors, including geopolitical concerns and expectations of lower interest rates in the U.S. The Fed next meets in May, as does the ECB.

Global stock markets closed mostly lower on Monday, with major indices in Europe and Asia falling slightly.

The FTSE 100 in London fell by 0.02 percent, or 1.93 points, to 7,912.20.

The DAX in Frankfurt, Germany, slipped 0.11 percent, or 17.71 points, to 15,863.95, while the CAC 40 in Paris, France dropped by 0.04 percent, or 3.14 points, to 7,573.86. The ESTX 50 PR.EUR and BEL 20 were also down by 0.15 percent and 0.16 percent, respectively.

The S&P/TSX Composite index in Canada ended the day at 20,676.74, down 0.08% or 16.41 points. Trading volume was at 225.223 million.

In South Africa, the Top 40 USD Net TRI Index was down 0.04% or 1.89 points, closing at 4,296.94.

Meanwhile, the Russell 2000 in the United States was down 0.15% or 2.63 points, ending the day at 1,788.87.

The CBOE Volatility Index, also known as the VIX, rose by 0.66% or 0.11 points, closing at 16.88.

The NYSE COMPOSITE (DJ) index was up 0.18% or 27.78 points, closing at 15,606.71.

Similarly, the NYSE AMEX COMPOSITE INDEX was up 0.66% or 28.00 points, ending the day at 4,282.31.

In Brazil, the IBOVESPA closed at 103,942.63, down 0.41% or 424.19 points.

The IPC MEXICO in Mexico was up 0.96% or 520.05 points, closing at 54,695.33. Trading volume was at 136.716 million.

The S&P/CLX IPSA in Chile remained unchanged, closing at 5,058.88.

In Argentina, the MERVAL closed at 38,390.84, up 0.61% or 233.89 points.

And in Israel, the TA-125 index was up 0.84% or 14.42 points, ending the day at 1,727.64.

The EGX 30 Price Return Index in Egypt closed at 17,516.00, down 0.13% or 23.00 points. Trading volume was at 177.569 million.

Asian markets fell, with the SSE Composite Index in Shanghai slipping 0.78 percent, or 25.84 points, to 3,275.41. The Shenzhen Index fell by 1.17 percent, or 133.42 points, to 11,317.01, while the Hang Seng Index in Hong Kong dropped 0.58 percent, or 115.79 points, to 19,959.94.

The KOSPI Composite Index in Seoul, South Korea, was down by 0.82 percent, or 20.90 points, to 2,523.50, while the TSEC-weighted index in Taipei, Taiwan, rose by 0.15 percent, or 23.88 points, to 15,626.87.

In Australia, the S&P/ASX 200 fell 0.11 percent, or 8.40 points, to 7,322.00, while the ALL ORDINARIES dropped by 0.14 percent, or 10.80 points, to 7,512.20.

The S&P/NZX 50 INDEX GROSS ( GROSS) in New Zealand was one of the day's biggest gainers, rising 0.83 percent, or 98.89 points, to 12,026.39.

Meanwhile, in India, the S&P BSE SENSEX gained 0.67 percent, or 401.04 points, to close at 60,056.10, while the IDX Composite in Jakarta rose by 0.50 percent, or 34.23 points, to 6,821.81. The FTSE Bursa Malaysia KLCI in Kuala Lumpur was flat, closing at 1,422.11.

Overall, investors remain cautious due to ongoing concerns over inflation and the direction of interest rates.

(Photo credit: Big News Network news agency).

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