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Wall Street gains at start of new week
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PMI data in focus for investors
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Energy companies up sharply after OPEC+ production cut
The first trading session of the week begins with moderate declines in U.S. indices, which are losing slightly in the face of gaining oil prices supported by OPEC+'s decision to cut crude production. Investor attention today is focused on the reading of the US manufacturing PMI index.
US manufacturing PMI surprises to the downside!
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Open account Try demo Download mobile app Download mobile app2:45 pm BST - US, manufacturing PMI for March (final). Actual: 49.2. First release: 49.3
3:00 pm BST - US, ISM manufacturing index for March. Actual: 46.3. Expected: 47.5. Previous: 47.7
- Prices Paid: 49.2 (est 51.1; prev 51.3)
- Employment: 46.9 (prev 49.1). Source: ZeroHedge
- New Orders: 44.3 (est 47.5; prev 47.0)
Concern over the banking sector has turned the market's expectations for rate hikes 180 degrees. The money market is now pricing in a 65% probability that the FOMC will raise interest rates by 25 points at its next meeting in May. Source: Bloomberg
Stocks from the S&P 500 index categorized by sector and industry. Size represents market capitalization. Source: xStation5
The S&P 500 Index is gaining slightly at the start of the session and struggling to break above the resistance zone set by the upper boundary of the previously outlined uptrend. Source: xStation 5
News:
McDonald's (MCD.US) is temporarily closing its U.S. offices and preparing to announce a series of terminations as part of its planned restructuring efforts. The company's shares are losing close to 0.4% at the start of the session.
On Sunday, Tesla (TSLA.US) announced a record quarterly number of vehicles delivered, but quarterly sales growth was modest despite price cuts due to increasing competition and a bleak economic outlook. The shares lost nearly 3.5% at the start of the session. Results failed to beat analysts' expectations.
Shares of oil and energy companies are gaining today amid news of OPEC+ production cuts.
Source: Bloomberg
Endeavor Group Holdings Inc (EDR.US), owner of the UFC mixed martial arts franchise, said it will acquire entertainment company World Wrestling Entertainment (WWE.US) in a deal valued at $9.3 billion.
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