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Stock market today: Wall Street drifts ahead of Election Day, while oil rises and yields sink

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Financial Markets ニュース

Stocks And Bonds,Energy Markets,Federal Reserve System

U.S. stocks are drifting ahead of a momentous week full of potential flashpoints, but other markets are already moving more sharply, including a jump for oil prices and drops for Treasury yields. The S&P 500 was edging up by 0.1% Monday. The Dow Jones Industrial Average fell 112 points, and the Nasdaq composite rose 0.1%.

A screen on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024 shows a broadcast talking about Kamala Harris and Donald Trump. Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024. Specialist Meric Greenbaum work at his post on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024. Specialist Stephen Naughton work at his post on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024.

“Bottom line – the US election is incredibly important, but the process is likely to be incredibly noisy,” according to Michael Zezas, a strategist at Morgan Stanley. On Monday, Treasury yields gave back a chunk of those gains. The yield on the 10-year Treasury fell to 4.30% from 4.38% late Friday. In the oil market, the price for a barrel of U.S. crude rose 2.3% to $71.12 after Saudi Arabia and other oil exporters saidThe price of Brent is still down for the year so far, in part because of worries about how much demand China will provide given challenges for the world’s second-largest economy.

The Fed kicked off its rate-cutting campaign in September with a larger-than-usual cut of half a percentage point, as it widens its focus to include keeping the job market humming. It’s a sharp turnaround after the Fed kept its main interest rate at a two-decade high in order to slow the economy enough to stamp out high inflation.

 

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