US stocks jump during opening hour, supported by a minor recovery in oil prices

Haresh Menghani FXStreet

The US stocks kicked off a new week on strong footing, with all the three major indices trading with strong gains during early hour of trading on Monday.

Equity markets had a muted reaction to weaker-than-expected durable goods orders data, while a modest rebound in oil prices was seen extending support to investors' appetite for riskier assets - like equities.

Durable-goods orders contracted 1.1% in May and disappointed market participants expecting a smaller decline. Meanwhile, recovery in oil prices lifted energy-related companies and collaborated to the Monday's up-move.

At the time of writing, the Dow Jones Industrial Average advanced around 90-points to 21,482, while the broader S&P 500 Index was up almost 11-points to 2,449. Meanwhile, tech-heavy Nasdaq Composite Index climbed 35-points to reclaim the 6,300 mark.

Investors now look forward to speeches from various FOMC members, including the Fed Chair Janet Yellen on Tuesday, for clues over the timing of central bank's next rate-hike move, which might eventually provide some fresh impetus.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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