Major market averages opened trading higher on Monday for one of the busiest Wall Street weeks in recent memory.
Early on and the Dow (DJI) was +0.4%, the S&P 500 (SP500) was +0.3% and the Nasdaq Composite (COMP.IND) was +0.2%.
“As I’m sure you’re all fully aware, the big event will be the 11th, and possibly final, Fed hike of this cycle on Wednesday,” Deutsche Bank’s Jim Reid wrote. “However the ECB (Thursday) and BoJ (Friday) meetings are also big events. In a busy week, some other highlights include the global flash PMIs today, the ECB bank lending survey (tomorrow), US Q2 GDP (Thursday), US core PCE, US ECI alongside German and French CPI (all Friday).”
“In terms of earnings, big tech, oil majors and notable semiconductor firms will be the highlights with 165 S&P 500 and 200 Stoxx 600 companies reporting this week,” Reid said. “Watch out for Microsoft, Alphabet (tomorrow) and Meta (Wednesday) after some slightly disappointing tech earnings last week.”
The 10-year Treasury yield (US10Y) was down 1 basis point to 3.82% and the 2-year yield (US2Y) was down 1 basis point to 4.83%.
Additionally, the July S&P Global PMI numbers arrived at 52, lower than the economists expected 53.1.
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Image and article originally from seekingalpha.com. Read the original article here.