Wall Street set to open higher as inflation worries ease

E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index

Stocks turned in a mixed performance, with the Dow dragged lower by losses in Boeing and Caterpillar, the S&P 500 ending a tick below its unchanged mark and the Nasdaq climbing to a new all-time high for the second straight session.

Concerns about possible fallout from the tariffs largely supplanted optimism, based upon the modest wage growth numbers from Friday's employment report, that the Federal Reserve would stick to its projected three interest-rate increases in 2018.

US stock futures traded higher in early pre-market trade.

European markets were higher today, with the Spanish Ibex Index rising 0.56 percent, STOXX Europe 600 Index gaining 0.37 percent and German DAX 30 index gaining 0.75 percent.

However, the S&P and the Dow have almost reclaimed those losses.

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The broad-based S&P 500 added 0.2 per cent at 2,792.63, while the tech-rich Nasdaq Composite Index gained 0.3 per cent to 7,585.93. Rapid gains in technology stocks have already powered the Nasdaq back to its record levels.

Last week's gains were also supported by US President Donald Trump's softer stance on his decision to impose import tariffs on steel and aluminum by exempting Canada and Mexico.

The April gold contract was down $3.20 to US$1,320.80 an ounce and the May copper contract was down one cent to US$3.12 a pound.

The tech-heavy Nasdaq, however, gained around 0.6 percent, helped in part by what traders read as further signs of official disapproval of Broadcom's $117 billion bid for USA graphics chipmaker Qualcomm.

Oclaro jumped 25 percent and was the most traded stock after laser and optical fibre specialist Lumentum Holdings said it would buy the optical components producer for US$1.7 billion. Lumentum's shares rose 4.4 percent. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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