NEW YORK, New York - U.S. stocks began the week on a slippery slope Monday with a dip across-the-board. The lackluster start to the week followed impressive gains over the last week as traders reckoned the Federal Reserve has done hiking rates, and the next move could be a rate cut, some time next year.
"What we're seeing is the market pausing to digest that very strong rally last week," Adam Sarhan, CEO of 50 Park Investments told CNBC Monday.
"You're in a situation where the market's just pausing to consolidate the recent move and wait for the next bullish catalyst to come out, and that could likely be one of the Fed heads, Powell or earnings," Sarhan said.
The Standard and Poor's 500 closed at 4,361.02, marking a minimal increase of 2.68 points, amounting to a rise of 0.06 percent. The market experienced a trading volume of 1.372 billion.
Simultaneously, the Dow Jones Industrial Average (DJI) closed at 34,074.12, demonstrating a modest gain of 12.80 points, indicating a 0.04 percent increase. Trading activities for the DJI accounted for 164.934 million.
The NASDAQ Composite concluded at 13,497.08, displaying a gain of 18.80 points, signifying a 0.14 percent increase. The trading volume for NASDAQ reached 2.8 billion.
Monday's forex market report: U.S. dollar claws back some of last week's losses
The foreign exchange market saw the U.S. dollar regain a positive footing Mon day after the relentless losses of last week..
Starting with the Euro (EUR) against the US dollar (USD), the EUR/USD pair reported a slight decline of 0.03 percent Monday, marking a decrease of 0.0007, with the exchange rate resting at 1.0724.
Conversely, the Japanese yen (JPY) pair, USD/JPY, declined a more substantive 0.42 percent or 0.62 points, settling in late U.S. trading at 149.95.
The Canadian dollar (CAD) dipped 0.26 percent, or 0.0035, placing the USD/CAD pair at 1.3689.
The British pound (GBP) eased 0.17 percent, or 0.0021 pips, to 1.2356.
The Swiss franc (CHF) edged down 0.04 percent, or 0.0004 Monday, establishing the USD/CHF pair at 0.8985.
In the case of the Australian dollar (AUD) paired with the U.S. dollar (USD), the AUD/USD experienced a decline of 0.31 percent, resulting in a decrease of 0.0020, with the rate at 0.6491.
Finally, the New Zealand dollar (NZD) showcased a hefty drop of 0.47 percent, reflecting a decrease of 0.0028, and settled at 0.5968.
Global stock Markets experience diverse movements: Asia surges; Europe and Mideast dip
Monday witnessed a dynamic display in the global stock markets, with various indices showcasing significant movements in both positive and negative directions. The Nikkei 225 in Japan and KOSPI Composite Index in South Korea surged while the TA-125 in Israel and BEL 20 in Belgium experienced downturns.
Beginning in Asia, the Nikkei 225 in Japan marked a substantial upswing, closing at 32,708.48, exhibiting a noteworthy increase of 2.37 percent. South Korea's KOSPI Composite Index surged remarkably by 5.66 percent, closing at 2,502.37.
In China, the SSE Composite Index observed an uptick of 0.91 percent, closing at 3,058.41, accompanied by the Shenzhen Index, which ascended by 2.21 percent, closing at 10,071.56.
India's NIFTY 50 closed positively Monday, rising by 0.94 percent, finishing at 19,411.75.
Malaysia's FTSE Bursa Malaysia KLCI climbed by 1.02 percent, closing at 1,464.67.
Across European markets, Germany's DAX PERFORMANCE-INDEX showed a decline of 0.35 percent, closing at 15,135.97. France's CAC 40 experienced a decrease of 0.48 percent, closing at 7,013.73. The ESTX 50 PR.EUR or STOXX50E in the Eurozone witnessed a downturn of 0.38 percent, closing at 4,158.64. Additionally, the Euronext 100 Index, or N100, dropped by 0.27 percent, concluding at 1,315.23.
In Russia, the MOEX Russia Index dipped by 0.19 percent Monday, closing at 2,222.51.
The FTSE 100 in the UK exhibited a marginal rise of 0.03 percent, closing at 7,417.76.
Canada's S&P/TSX Composite index experienced a slight downturn, closing at 19,748.49, with a decrease of 76.36 points, equivalent to a 0.39 percent decline. Trading activity for the TSX Composite stood at 95.179 million.
Moving to Australia, the S&P/ASX 200, or All Ordinaries, saw a slight increase of 0.24 percent, closing at 7,192.30.
In New Zealand, the S&P/NZX 50 INDEX GROSS surged by 1.28 percent, closing at 11,261.22.
The Top 40 USD Net TRI Index in Johannesburg, however, showed a modest increase of 0.28 percent, closing at 3,957.11.
In Tel Aviv, the TA125.fell to 1,722.41 Monday, representing a decline of 19.23 points or 1.10 percent amidst reports the current war on Gaza will cost in excess of $50 billion.
Egypt's EGX 30 Price Return Index experienced a minor setback, decreasing by 0.15 percent, concluding at 23,059.20.
Photo credit: Big News Network news agency