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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a higher opening on Monday, with stocks likely to see further upside following the higher close seen last Friday.
The upward momentum on Wall Street comes as traders seem likely to continue to pick up stocks at reduced levels following recent weakness.
Trading activity may be somewhat subdued , however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
Following the sell-off seen last Thursday, stocks saw substantial volatility over the course of the trading session on Friday. The major averages showed wild swings as the day progressed before closing notably higher.
The major averages pulled back off their highs going into the close but remained in positive territory. The Dow surged up 330.44 points or 1.4 percent to 24,190.90, the Nasdaq jumped 97.33 points or 1.4 percent to 6,874.49 and the S&P 500 shot up 38.55 points 1.5 percent to 2,619.55.
Despite the advance on the day, the major averages moved sharply lower for the week. The Nasdaq plummeted by 5.1 percent, while the Dow and the S&P 500 both plunged by 5.2 percent.
The higher close on Wall Street was partly due to bargain hunting after the steep losses seen in the previous session dragged the major averages down to their lowest closing levels in about two months.
Traders may also have reacted positively to news that lawmakers managed to end a brief government shutdown with a bill raising spending caps and funding the government until March 23rd.
However, the volatility over the course of the session came amid lingering concerns about the outlook for interest rates.
Recent signs of rising inflation have led to worries that the Federal Reserve may raise rates faster than previously anticipated.
Traders largely shrugged off a report from the Commerce Department showing wholesale inventories increased by more than expected in the month of December.
The Commerce Department said wholesale inventories rose by 0.4 percent in December after climbing by a revised 0.6 percent in November. Economists had expected inventories to edge up by 0.2 percent.
Semiconductor stocks showed a significant move to the upside on the day, driving the Philadelphia Semiconductor Index up by 3.1 percent. The index rebounded after ending the previous session at its lowest closing level in four months.
Graphics chipmaker Nvidia (NVDA) posted a standout gain after reporting better than expected fourth quarter results and providing upbeat guidance.
Telecom, utilities and financial stocks also saw considerable strength, contributing to the higher close by the broader markets.
On the other hand, substantial weakness was visible among gold stocks, as reflected by the 2.2 percent slump by the NYSE Arca Gold Bugs Index.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
The economic calendar for the week starts off relatively quiet, although reports on reports on producer and consumer prices are likely to attract attention in the coming days amid recent concerns about rising inflation.
Reaction to reports on retail sales, industrial production, housing starts, and homebuilder confidence may also impact trading. |
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| | Europe |
European stocks have rallied on Monday after major U.S. stock indexes rebounded in the last session on news that lawmakers managed to end a brief government shutdown.
Oil prices rebounded after six straight days of declines and German Chancellor Angela Merkel vowed to serve another full four-year term, helping buoy investor sentiment on a light day on the economic front.
While the German DAX Index has surged up by 1.8 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are up by 1.4 percent and 1.3 percent, respectively.
Akzo Nobel has moved notably higher amid reports that PGGM has joined forces with a consortium led by a private equity firm to buy its chemicals division.
Saga shares have also climbed on news the British tourism and insurance group for the over-50s has entered into a new quota share arrangement with NewRe and Hannover Re to cover 80 percent of the underwriting risk of motor policies of the Group's in-house underwriter.
Automaker Renault has risen in Paris after a senior board member reportedly resigned from the company, days ahead of a meeting to consider the appointment of Chief Executive Carlos Ghosn successor.
Meanwhile, brewer Heineken NV has come under pressure after forecasting lower margin growth in 2018.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended mixed on Monday after U.S lawmakers managed to end a brief government shutdown with a bill raising spending caps and funding the government until March 23rd. Underlying sentiment remained supported somewhat as oil prices rebounded following six straight days of declines. The Japanese market was closed for the National Foundation Day holiday.
Chinese shares rose after taking a beating last week. China's Shanghai Composite index climbed 23.71 points or 0.8 percent to 3,153.56, although Hong Kong's Hang Seng index dipped 47.79 points or 0.2 percent to 29,459.63.
Australian shares closed a tad lower as investors waited for U.S. inflation data for clues to whether the Federal Reserve will continue raising interest rates.
The benchmark S&P/ASX 200 index ended down 17.30 points or 0.3 percent at 5,820.70, dragged down by financial and energy companies. The broader All Ordinaries index also slid 0.3 percent to close at 5,919.70.
Woodside Petroleum and Santos fell modestly, while Beach Energy lost 2.5 percent after oil prices slid more than 3 percent on Friday to enter correction mode along with U.S. stocks.
The big four banks fell between half a percent and 0.8 percent as a government-backed probe into the financial services sector got underway.
JB Hi-fi shares slumped 8 percent. The electronics retailer posted solid first-half results but issued a lower than expected outlook for the rest of the year. Myer Holdings plummeted 6 percent.
Miners bucked the weak trend, with heavyweights BHP Billiton and Rio Tinto rising about 1.5 percent each while smaller rival Fortescue Metals Group advanced 2.4 percent.
Rail freight operator Aurizon Holdings rallied 2 percent as it reported a 52 percent increase in half-year profits.
Seoul stocks clawed back some of last week's losses, helped by bargain hunting after Wall Street recovered on Friday. The benchmark Kospi climbed 21.61 points or 0.9 percent to 2,385.38.
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| | Commodities |
Crude oil futures are jumping $1.11 to $60.31 a barrel after plunging $1.95 to $59.20 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,319.80, up $4.10 from the previous session?s close of $1,315.70. On Friday, gold fell $3.30.
On the currency front, the U.S. dollar is trading at 108.63 yen compared to the 108.80 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.2246 compared to last Friday?s $1.2252.
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