US stocks show mixed opening, Nasdaq rebounds from last week’s dip

Nasdaq rebounds, but US stocks open Monday mixed, oil prices down around 4%

The Nasdaq Composite index partially recovered from its significant losses of last week in a day of mixed fortunes for U.S. stocks. The tech-heavy index rose by 148 points, or 1.02%, to reach 14,672 as of 10:10 a.m. EDT Monday.

This uptick comes as a relief following a tumultuous period last week, when the Nasdaq plummeted 3.25% – marking its worst weekly performance since September 2023. This recent surge suggests a regaining of confidence among technology investors.

Contrastingly, the broader S&P 500 index witnessed a modest increase of 17 points, or 0.37%, bringing it to 4,714. However, the Dow Jones Industrial Average, another major index, experienced a decline. It dropped by 157 points, or 0.42%, settling at 37,313.

In market volatility, the VIX – often referred to as the “fear index” – saw a rise of 2.4% to 13.67, signaling a heightened sense of market unease among investors.

The yield on the benchmark 10-year U.S. Treasury note, a critical indicator of broader investor sentiment, decreased by 0.9% to 4.001%.

Currency markets also showed varied movements. The dollar index, which measures the greenback against a basket of major currencies, fell slightly by 0.14% to 102.26.

Meanwhile, the euro gained ground, appreciating 0.2% to $1.0964 against the U.S. dollar.

In the commodities sector, precious metals like gold and silver saw a decline. Gold slipped 0.08% to $2,029 per ounce, while silver edged down 0.36% to $23.10.

The oil market was not immune to the day’s volatility, with significant drops in prices. Brent crude, the international benchmark, fell around 4% to $75.71 per barrel. Similarly, the U.S. benchmark West Texas Intermediate crude saw a decrease to $70.58 per barrel.

Overall, Monday’s trading session painted a picture of a market grappling with varied dynamics, with some sectors like technology showing signs of recovery, while others remained under pressure.

Source: Newsroom

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