Wall Street holds gains ahead of earnings, jobs data

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Wall Street and global stocks edged up on Monday while oil prices gained and the dollar was little changed, as traders looked ahead to corporate earnings and a key employment report due this week. | Reuters

The pan-European STOXX 600 index rose by 0.12 percent, a second consecutive monthly gain. MSCI’s gauge ofThe modest gains came despite China’s manufacturing activity falling for a fourth straight month in July, as demand remained weak at home and abroad, official surveys showed on Monday.

All three main U.S. indexes have posted recent gains as signs of cooling inflation and a resilient economy have eased investor sentiment about the economy surviving amid higher rates for longer. “This year’s impressive equity rally has been driven by strong sentiment, without either the earnings growth or the directional improvement in economic data to justify current market multiples and valuations,” Christopher wrote in a note.Chicago Federal Reserve Bank President Austan Goolsbee on Monday said the U.S.

The dollar edged higher on Monday after a survey from the Federal Reserve showed U.S. banks reported tighter credit standards and weaker loan demand during the second quarter, a sign rising interest rates are having an impact on the economy. U.S. Treasury yields were marginally lower, with investors waiting for employment data to assess the impact of the Fed’s monetary tightening campaign on the economy. The 10-year was down 1 basis point at 3.961 percent.

 

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