Market Commentary - Foreign Markets
US Equities Extend Gains; Upside Momentum In NASDAQ Continues As on : 02-Jul-24  10:54

US equities extended gains on Monday owing to strong performances from tech giants. At the end of the day, the Dow ended higher by 50.66 points or 0.13 percent, at 39,169.52. The S&P 500 advanced 14.61 points or 0.27 percent to 5,475.09, while the Nasdaq climbed 146.70 points or 0.83 percent to 17,879.30. Microsoft Corporation shares gained about 2.2 percent. Apple Inc climbed nearly 3 percent. Amazon surged 2 percent. Nvidia and Alphabet posted modest gains.

On the US economic front, ISM said its manufacturing PMI edged down to 48.5 in June from 48.7 in May, with a reading below 50 indicating contraction. Construction spending edged down by 0.1 percent to an annual rate of $2.140 trillion in May after rising by 0.3 percent to a revised rate of $2.142 billion in April. Investors looked ahead to the release of the Labor Department's closely watched monthly jobs report on Friday. Moreover, traders will monitor several other key indicators due this week to assess the economic performance and the monetary policy outlook, including the JOLTS, and the ISM PMI, together with FOMC minutes.

The yield on the US 10-year Treasury note rose past 4.45% at the start of the second quarter, its highest in three weeks, as markets continued to assess potential fiscal risks in the US economy and the outlook for the Federal Reserve?s monetary policy. The dollar index stabilized around 105.9 on Tuesday after tumbling to as low as 105.43 in the previous session, finding support from strong Treasury yields.

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