S&P 500 Lifted by 90% of Its Shares as Tech Sinks: Markets Wrap

0 1 minute read

After one of the sharpest-ever stock corrections, Wall Street experienced a rebound on Monday. However, the market’s most influential group was left behind as most megacaps like Tesla Inc. and Nvidia Corp. came under renewed pressure. Despite this, more than 90% of the companies in the S&P 500 saw gains, with an equal-weighted version of the US equity gauge climbing 1.5%.

The latest economic data did little to alter bond traders’ bets on the path of monetary policy. However, mixed retail sales brought some relief, indicating that consumer spending is not collapsing amid the threat of a trade war. Treasury Secretary Scott Bessent, a former hedge fund manager, expressed confidence in the market’s resilience, stating that corrections are healthy and normal in the investment business.

Bret Kenwell at eToro noted that while retail sales were mixed, investors could cautiously look forward to a more resilient consumer in the coming months. A sign of stability emerged after the S&P 500 plunged into a correction last week, with traders shedding bets on another deep slide.

Key events to watch this week include Germany’s ZEW survey expectations, US housing starts, import price index, and industrial production, among others. The market saw positive movements, with the S&P 500, Nasdaq 100, and Dow Jones Industrial Average all posting gains. Currencies also saw fluctuations, with the Bloomberg Dollar Spot Index falling, and the euro, British pound, and Japanese yen experiencing changes.

In the world of cryptocurrencies, Bitcoin and Ether saw increases in value, while in the bond market, the yield on 10-year Treasuries declined. Commodities also saw movement, with West Texas Intermediate crude rising and spot gold seeing an increase in value.

This article was produced with the assistance of Bloomberg Automation and contributions from Sujata Rao, John Viljoen, and Catherine Bosley. Stay updated on the latest market trends and news for a comprehensive understanding of the financial landscape.