US stocks rebounded on Monday after a bruising sell-off in the previous session amid Middle East tensions.
As of 12:01 pm Eastern time, the S&P 500 was 0.3 per cent higher, the Dow Jones Industrial Average was up 163 points, or 0.4 per cent, and the Nasdaq Composite was 0.1 per cent higher.
At 9:37 a.m. ET, the Dow Jones Industrial Average was up 342.51 points, or 0.90 per cent, at 38,325.75, the S&P 500 was up 36.24 points, or 0.71 per cent, at 5,159.65, and the Nasdaq Composite was up 69.03 points, or 0.43 per cent, at 16,244.12.
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Iran had launched the attack after a suspected Israeli strike on its embassy compound in Syria on April 1 that killed top Revolutionary Guards commanders.
Investors’ sentiments were also boosted by positive economic data. A report showed that US retail sales rose 0.7 per cent in March.
The yield on the 10-year Treasury rose to 4.65 per cent from 4.52 per cent late on Friday. The 2-year yield climbed to 4.98 per cent from 4.89 per cent.
Goldman Sachs soared 3.8 per cent after it reported stronger profit.
M&T Bank jumped 5.9 per cent after reporting stronger profit for the first quarter.
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Shares of defense stocks such as Lockheed Martin, General Dynamics and RTX Corp gained between 1.1 per cent and 1.5 per cent.
Tesla stock fell 2 per cent after a media report said that the EV maker will lay off more than 10 per cent of its global workforce.
In Europe, Britain’s FTSE 100 rose less than 0.1 per cent at 7,999.51. France’s CAC 40 climbed 1.2 per cent at 8,107.97. Germany’s DAX added 1.3 per cent at 18,158.40.
The Euro Stoxx 50 surged 1.3 per cent at 5,021.60.
In Asian stock markets, Hong Kong’s Hang Seng Index fell 0.7 per cent at 16,600.46. China’s Shanghai Composite rose 1.3 per cent at 3,057.38. Japan’s Nikkei 225 lost 0.7 per cent at 39,232.80.
Crude oil
Oil prices edged lower on Monday as the market downplayed the risk of broader regional conflict after Iran’s attack on Israel.
Brent futures for June delivery fell 81 cents, or about 0.9 per cent, to $89.64 a barrel by 1335 GMT while West Texas Intermediate (WTI) futures for May delivery were down 69 cents, or about 0.8 per cent, at $84.97.
Bullion
Gold prices were mixed on Monday after hitting an all-time high in the previous session. Spot gold was up 0.3 per cent at $2,349.67 per ounce as of 1031 GMT. US gold futures lost 0.3 per cent at $2,366.10.
Spot silver rose 1.7 per cent to $28.34 per ounce.
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Published: 15 Apr 2024, 07:48 PM IST