unexpectedly strong monthly jobs report somewhat alleviated recessionary concern.
Chris Beauchamp the Chief Market Analyst for IG stated that “The calendar of both macro events and earnings has eased off after the frenetic pace of the past few weeks, which tends to give a helping hand to stocks on their upward path, But US CPI this week could be the trigger for another drop, so late-comers to the rally need to be fairly nimble at this point.”
This week’s primary focus was set to be Wednesday’s consumer price index report, with the outcome likely to give market participants a clearer idea as to what the Federal Reserve’s move may be at its next policy meeting in September.
Investors were pricing in a higher likelihood of yet another 75-basis point rate hike next month – a third straight increase of the same amount.
Also in focus on Monday was news that the Senate had passed a $430.0bn climate bill, the Inflation Reduction Act, which had now moved on to the House where it was expected to be passed before the end of the week.
No major data points were scheduled for release on Monday, but in the corporate space, BioNTech shares slumped 7.54% after the drugmaker reported revenues and profits that both fell short of expectations.
Chipmaker Nvidia fell 6.3% after pre-announcing a second-quarter revenue of $6.7bn, and defence technology firm Palantir tumbled 14.24% after reporting a surprise loss for the second quarter.
On the upside, Energizer was ahead 3.63% after it posted third-quarter earnings that beat estimates on both the top and bottom lines.
Bed Bath & Beyond soared 13.83% after traders on Reddit’s ‘WallStreetBets’ subreddit bet on the retailer, while Pfizer eked out gains of 0.61% after revealing that it would acquire biopharmaceutical company Global Blood Therapeutics as part of a $5.4bn deal.
