Wall Street key indices opened higher on Monday amid hopes that the US Federal Reserve could cut interest rates later this month following slowdown in labor market.
At the opening bell, the Dow Jones Industrial Average rose 29.8 points, or 0.07%, to 45,430.61. The S&P 500 rose 16.6 points, or 0.26%, to 6,498.09, while the Nasdaq Composite rose 105.8 points, or 0.49%, to 21,806.224.
Weak jobs market data on Friday boosted expectations for the Fed rate cuts.
Reports on producer prices and consumer prices inflation to be released later this week will be among the last major data before the US central bank’s next interest rate decision on September 17.
In the bond market, the yield on the 10-year Treasury fell to 4.05% from 4.10% late on Friday.
Gainers and Losers
Shares of AppLovin climbed 10.8%, Robinhood jumped 11.9% and Emcor added 0.4%.
These stocks will replace three companies that have shrunk enough in size to get demoted to S&P’s SmallCap 600 index.
EchoStar stock climbed 20.5% after the company said it agreed to sell spectrum licenses to Elon Musk’s SpaceX for $17 billion.
Bullion
Gold prices hit fresh record high on Monday, as soft US labor data reinforced bets the Fed will cut rates next week.
As of 9:59 AM EDT (1349 GMT), spot gold rose 1.3% to $3,631.66 per ounce. US gold futures for December delivery were up 0.5% to $3,670.80.
Among other metals, spot silver rose 1% to $41.39 per ounce. Platinum was up 0.7% to $1,382.25, and palladium gained 2.1% to $1,134.56.
Crude Oil
Oil prices clawed back some of last week’s loss on Monday after OPEC agreed to raise production at a modest rate.
Brent climbed above $66 a barrel after losing almost 4% last week.