Wall Street sees positive momentum Monday in good start to week

Lola Evans
28 Oct 2024

NEW YORK, New York - U.S. stock markets began the week on a positive note Monday as investors look forward to more earnings releases.

"The earnings will be important for the guidance that the companies give as to what sort of capital expenditure programs they may implement in the coming year," Paul Christopher, head of Global Investment Strategy at Wells Fargo Investment Institute told Reuters Monday.

Both industrials and technical stocks rose in tandem Monday after soem choppy and mixed sessions last week. All the major indices closed Monday in positive territory. "This could be the market looking ahead to a soft landing and expecting small caps to be first out of the gate as they typically are," Christopher said. "It could also be some element related to the Trump trade but it's very difficult to disentangle those two."

In a sign that markets are anticipating a Trump vistory in next week's presidential election, one of the biggest movers of the day was Trump Media which rocketed up $8.48 a share or 21.49 percent to close at $47.36, more than double what it was a few weeks ago.

Below are the latest closing figures for major indices:

S&P 500: The S&P 500 climbed 15.40 points, or 0.27 percent, to close at 5,823.52. Investor confidence was supported by strong corporate earnings in key sectors, helping the index extend its recent upward momentum. Trading volume stood at 2.098 billion shares.

Dow Jones Industrial Average (DJI): The Dow Jones rose 273.17 points, or 0.65 percent, to end at 42,387.57. Optimism about resilient economic data fueled gains across industrial stocks. Total trading volume for the Dow was 268.382 million shares.

NASDAQ Composite: The tech-heavy NASDAQ Composite added 48.58 points, reflecting a 0.26 percent gain to reach 18,567.19. Technology and biotech stocks saw modest advances as investors assessed mixed earnings reports. The index saw a volume of 4.978 billion shares traded.

Global Foreign Exchange Market Sees Moderate Moves on Monday

The foreign exchange market experienced a mix of gains and losses on Monday, with key currency pairs shifting in response to macroeconomic data and central bank expectations. Below are the latest movements for major currency pairs:

EUR/USD: The euro strengthened against the US dollar, closing at 1.0816, reflecting an increase of 0.21 percent. The euro's uptick comes amid cautious optimism around eurozone economic developments.

USD/JPY: The US dollar continued to climb against the Japanese yen, trading at 153.23, marking a gain of 0.66 percent. The yen remains under pressure as the Bank of Japan's dovish stance diverges from the Federal Reserve's more aggressive policy.

USD/CAD: The US dollar traded slightly higher against the Canadian dollar at 1.3890, registering a minor increase of 0.02 percent. Oil price fluctuations limited any significant movement for the loonie.

GBP/USD: The British pound edged up against the US dollar, settling at 1.2973, a rise of 0.17 percent. Market sentiment around the UK economy improved following strong retail data.

USD/CHF: The US dollar slipped against the Swiss franc, trading at 0.8648, down by 0.18 percent. The franc's safe-haven appeal remained intact amid geopolitical uncertainties.

AUD/USD: The Australian dollar weakened slightly against the US dollar, ending at 0.6583, a decline of 0.27 percent. Concerns over slowing Chinese demand and commodity exports weighed on the currency.

NZD/USD: The New Zealand dollar rose to 0.5980 against the US dollar, posting an increase of 0.16 percent. Positive domestic data and renewed risk appetite bolstered the kiwi.

Global Stock Market Update: Monday's Closing Indices

Monday's trading session concluded with gains across several major indices, although some markets experienced minor declines. Here's a detailed overview of the performance across global markets:

CANADA

S&P/TSX Composite: Canada's benchmark S&P/TSX Composite index increased 101.99 points, or 0.42 percent, closing at 24,565.66. Strength in energy and financial stocks contributed to the index's performance. Volume on the Toronto Stock Exchange reached 219.849 million shares.

UNITED KINGDOM

The FTSE 100 climbed by 36.78 points to 8,285.62, gaining 0.45 percent.

EUROPE

Germany's DAX added 68.03 points Monday, finishing at 19,531.62, advancing by 0.35 percent.
The CAC 40 in France increased by 59.40 points, ending at 7,556.94, a rise of 0.79 percent.
The Euro Stoxx 50 advanced by 26.74 points to 4,969.83, an improvement of 0.54 percent.
The Euronext 100 inched higher by 1.77 points to close at 1,482.23, marking a 0.12 percent increase.
The MSCI Europe Index closed higher by 5.16 points at 2,149.46, rising by 0.24 percent.
Belgium's BEL 20 index rose 8.36 points to settle at 4,301.50, gaining 0.19 percent.

ASIA

In Singapore the STI Index on Monday slipped by 9.33 points to 3,584.08, dropping by 0.26 percent.
The SSE Composite Index in Shanghai added 22.50 points, reaching 3,322.20, marking an increase of 0.68 percent.
Japan's Nikkei 225 surged 691.61 points to 38,605.53, recording a strong gain of 1.82 percent.
In Hong Kong the Hang Seng edged up by 9.21 points to 20,599.36, an increase of 0.04 percent.
India's S&P BSE Sensex surged 602.75 points to 80,005.04, a significant rise of 0.76 percent.
In Jakarta, the IDX Composite lost 60.03 points Monday to 7,634.63, a decline of 0.78 percent.
Malaysia's KLCI decreased by 7.83 points to 1,610.47, down by 0.48 percent.
The S&P/NZX 50 in New Zealand dropped 42.49 points to close at 12,771.61, slipping by 0.33 percent.
In South Korea the KOSPI Composite climbed 29.16 points to 2,612.43, advancing by 1.13 percent.
Taiwan's TSEC Weighted Index fell by 150.38 points to 23,198.07, down by 0.64 percent.

OCEANIA

Australia's S&P/ASX 200 gained 10.20 points Monday, closing at 8,221.50, rising by 0.12 percent.
The Australian All Ordinaries advanced by 10.90 points to 8,478.20, recording a 0.13 percent increase.

MIDDLE EAST

The TA-125 Index in Israel recorded a marginal gain of 0.73 points to 2,173.01, rising by 0.03 percent.
Egypt's EGX 30 Index slipped 38.70 points to 30,773.50, decreasing by 0.13 percent.

AFRICA

The Top 40 USD Net TRI Index in South Africa on Monday added 7.89 points to 4,819.35, a gain of 0.16 percent.

In Currency Indices and select market indicators:

The US Dollar Index ticked up by 0.06 points to 104.32, increasing by 0.06 percent.
The British Pound Currency Index rose 0.12 points to 129.73, gaining 0.09 percent.
The Euro Currency Index advanced 0.19 points to 108.14, an increase of 0.18 percent.
The Japanese Yen Currency Index fell by 0.43 points to 65.25, slipping 0.65 percent.
The Australian Dollar Currency Index declined 0.22 points to 65.84, down by 0.33 percent.

Additional notable performances:

The Top 40 USD Net TRI Index in South Africa added 7.89 points to 4,819.35, a gain of 0.16 percent.
Egypt's EGX 30 Index slipped 38.70 points to 30,773.50, decreasing by 0.13 percent.
The MSCI Europe Index closed higher by 5.16 points at 2,149.46, rising by 0.24 percent.

Global markets showed resilience in the face of varied economic developments. Gains in European markets were driven by optimism in the financial sector, while Asian markets demonstrated mixed sentiment due to uncertainties in Japan China and other regional economies.

Overall, investors are navigating a complex environment, balancing economic growth prospects with concerns about inflation and monetary policy movements.