Wall Street opened slightly higher on Monday morning, breaking a run of six straight declines, supported in particular by financial stocks benefiting from the continued strength of bond yields.

In late morning trading, the Dow Jones nibbled 0.1% to break the 38,000-point barrier at 38,033.7 points, while the Nasdaq Composite also gained 0.1% to 15,293.3 points.

Financial stocks, which are in the best position to benefit from high rates for longer than expected and have outperformed since the start of the year, are still at the forefront of the markets.

With an increase of 0.6%, the S&P index for the sector posted the best gain of the 11 major sector indices in the S&P index, most of which are in the green.

On the corporate results front, Verizon dropped nearly 4% after reporting weaker-than-expected quarterly sales.

Tesla also fell by over 4%, its seventh consecutive session of declines, after announcing a further cut in the price of its electric vehicles on the eve of its quarterly results.

Nvidia recovered by 1.6% after plummeting by 10% on Friday, as investors expressed concern at the lack of forecasts from its partner Super Micro Computer.

The markets were held back by a further acceleration in bond yields, which saw rates return to their worst levels of the year, with ten-year paper at over 4.65%.

The easing of tensions between Israel and Iran is penalizing gold, which is down more than 2% at $2,355.2, as is oil, which is consolidating by 1.1% at $81.25 on the NYMEX.

No macroeconomic indicators are on the agenda today.

Copyright (c) 2024 CercleFinance.com. All rights reserved.