Highlights
Powerful dip-buying helped stock rebound Monday from last week's losses with megacaps leading the way. The Dow Jones industrial average gained 1.3 percent, the S&P 500 rose 1.5 percent, the Nasdaq rallied 2.0 percent. US Treasury yields declined, the dollar rose, while oil prices slipped.
Friday's selloff on much weaker than expected jobs data gave way to bargain-hunting with a boost from heightened expectations for Federal Reserve rate cuts this year on the view that the economy is losing steam. The market also drew support from some upbeat earnings news including Wayfair and Energizer, up big after earnings beats.
Among sectors, best were information technology, communications services, materials and utilities while energy lagged as oil dropped after bearish global supply news from OPEC+.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.