Finance Update

US Stock Market Update

Flat Start to the Week

US Stock Market Update: Flat Start to the Week

The US stock market opened relatively flat on Monday following last week’s surge propelled by U.S. jobs data that raised new questions about if or when a recession might arrive.

Latest Figures

S&P 500 FuturesUnchanged
Dow Jones Industrial AverageUnchanged

Major US corporations are not expected to release significant new data this week, and economic indicators from Washington remain limited.

Energy Markets

US Crude$73.56 per barrel+ $1.82
Brent Crude$77.93 per barrel+ $1.80

Energy prices are rising after Saudi Arabia said it will cut output by 1 million barrels per day to support sagging prices. But gasoline prices in the U.S. remain far below where they were at this point last year, according to price checker GasBuddy.

Gasoline Price Statistics

  • Average price per gallon in the U.S. on Monday: $3.51
  • Price difference compared to this point in 2022: $1.35 decrease
  • Price difference compared to last week: 4 cents decrease

The average price for a gallon of gasoline in the U.S. on Monday was $3.51, down $1.35 at this point in 2022, and down 4 cents from last week. Last year at this time, the cost for a barrel of oil was approaching $120.

Wall Street’s benchmark S&P 500 index leapt 1.5% Friday after government data showed employers hired more people than expected in May. That suggests the economy is strong despite repeated rate increases to cool inflation.

Wage gains slowed, suggesting pressure for prices to rise might be weakening. That would reduce the need for the Federal Reserve to cool business activity with more rate hikes.

“Markets appear poised to ride last week’s upward momentum as bubbly risk appetite finds a comfort pillow in hopes for a U.S. soft landing,” said Stephen Innes of SPI Asset Management in a report.

Market Updates


FTSE 100 (London)+0.2%
DAX (Frankfurt)+0.1%
CAC 40 (Paris)-0.1%


Nikkei 225 (Tokyo)+2.2%
Shanghai Composite+0.1%
Hang Seng (Hong Kong)+0.7%
Kospi (Seoul)+0.5%
S&P ASX 200 (Sydney)+1%
Sensex (India)+0.5%

At midday in Europe, the FTSE 100 in London rose 0.2% and the DAX in Frankfurt gained 0.1%. However, the CAC 40 in Paris fell 0.1%.

In Asia, the Nikkei 225 in Tokyo advanced 2.2% to 32,217.43, and the Shanghai Composite Index added less than 0.1% to 3,232.44. The Hang Seng in Hong Kong gained 0.7% to 19,089.47. The Kospi in Seoul was 0.5% higher at 2,615.41, and the S&P ASX 200 in Sydney jumped 1% to 7,216.30. India’s Sensex opened up 0.5% at 62,844.36.

On Friday, the Dow rallied 2.1% and the Nasdaq composite gained 1.1%.

The Labor Department’s monthly jobs report showed a slowdown in wage increases even though hiring strengthened. While that may discourage workers who are trying to keep up with rising prices, investors believe slower wage gains will mean less upward pressure on inflation.

U.S. unemployment also rose by more than expected last month, moving up to 3.7% from a five-decade low. That implies more slack in the job market and seems to conflict with hiring data, which come from a separate survey.

Following the report, traders were largely expecting the Fed to hold interest rates steady at this month’s meeting. That would be the first time it hasn’t hiked rates in more than a year. Fed officials have also warned that a pause on rate hikes at this month’s meeting won’t necessarily mean the end to increases this year.

Energy Markets

US Crude$73.56 per barrel+ $1.82
Brent Crude$77.93 per barrel+ $1.80

In energy markets, benchmark U.S. crude rose $1.82 to $73.56 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.64 on Friday to $71.74. Brent crude, the price basis for international oil trading, advanced $1.80 to $77.93 per barrel in London. It added $1.85 the previous session to $76.13.

Currency Exchange

Dollar to Yen140.23
Euro to Dollar1.0689

The dollar rose to 140.23 yen from Friday’s 139.94 yen. The euro fell to $1.0689 from $1.0712.

Also Read: US Stock Market Soars

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