#USA_stocks rose in early trading on Monday, as investors increased bets for a September #interest rate cut by the #Federal_Reserve after a weaker-than-expected April jobs report.
By 09:34 ET (13:34 GMT), the benchmark S&P 500 had gained 22 points or 0.4%, the tech-heavy #Nasdaq Composite had advanced by 72 points or 0.4%, and the 30-s#tock #Dow_Jones Industrial Average ticked higher by 199 points or 0.5%.
#Softer-than-projected nonfarm payrolls data on Friday ramped up hopes that the labor market was cooling, possibly setting up the Fed for an eventual rate reduction this year.
#Traders are now wagering that the central #bank will begin trimming rates as soon as September, but still maintained only around a 44% probability of such a scenario, according to the CME #Fedwatch tool. Bets had previously seen the initial cut coming in November.
Despite the labor market showing some indications of cooling, inflation still remains well above the #Fed’s 2% annual target.
Earlier this month, the Fed acknowledged a lack of progress on battling price pressures, the key focus of a tightening cycle that has pushed rates up to more than two-decade highs. However, #Chair #Jerome #Powell noted that he still believes borrowing costs were heading lower this year and said that it was “unlikely” that the Fed’s next move would be to hike rates once again.
Markets will be focused this week on statements from a slew of Fed officials that could offer more cues on #interest rates. Federal Open Market Committee members Thomas Barkin and #John Williams are set to speak later on Monday.
The employment figures boosted equities to close out the prior week, with all three of the major averages ending Friday in the #green. Some strong earnings also aided sentiment, particularly returns from iPhone-maker Apple (NASDAQ:#AAPL), which posted a smaller-than-expected decline in revenue and #profit.
Although #Wall_Street has clocked a strong start to May, it was still nursing steep losses through April that were linked to worries over the prospect of higher for longer interest #rates. Even with the payrolls data, investors were seeking more signs that some of the heat is coming out of the U.S. #economy.
#Meanwhile, quarterly earnings season is set to continue this week, with ride-sharing group Uber #Technologies (NYSE:#UBER) and entertainment giant #Walt_Disney (NYSE:#DIS) among the major large-cap companies on tap.
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