Wall Street Indexes Extend Rally Ahead of L

Barry Adams
06 Jan, 2025
New York City

Wall Street indexes advanced in Monday's trading amid positive investor sentiment and economic outlook. 

The S&P 500 index and the Nasdaq Composite advanced in early trading as investors awaited the start of earnings season and banks and tech stocks were in focus. 

Advanced chipmakers traded higher after Taiwan-based Foxconn reported a strong increase in revenue in the December quarter, driven by a continued increase in demand for artificial intelligence servers. 

This week investors are looking forward to the release of the international trade balance for November and job openings and non-farm payrolls reports for December.

Bond yields are likely to trade volatile as investors await the release of the JOLT report on Tuesday, ADP's private payrolls update on Wednesday, and the non-farm payroll report on Friday.

The New York Stock Exchange will be closed Thursday to mourn the death of former President Jimmy Carter. 

 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.7% to 6,039.60, the Nasdaq Composite rose 1.04% to 19,841.31, and the Russell 2000 index inched up by 0.2% to 2,279.16. 

The yield on 2-year Treasury notes edged higher to 4.26%, 10-year Treasury notes inched up to 4.59%, and 30-year Treasury bonds increased to 4.81%.

WTI crude oil increased $0.33 to $74.29 a barrel, and natural gas prices edged up 29 cents to $3.64 a thermal unit.

Gold increased by $7.56 to $2,645.60 an ounce, and silver rose by $0.22 to $30.27. 

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 1.18 to 107.87 and traded at a two-year high. 

 

U.S. Stock Movers 

Foxconn said revenue in the December quarter increased 15.2% to NT $2.13, or $64.7 billion. and in December jumped 42.3% to NT$654.8 billion. 

The company said it will release full fourth-quarter financial statements on March 14. 

Nvidia, Broadcom, and Micron Technology advanced between 2% and 4%, following Foxconn's fourth quarter sales update.