HomeFinancial MarketsStocks Remain Stable as Oil Output Cut Announced

Stocks Remain Stable as Oil Output Cut Announced

U.S. stocks remained stable on Monday as positive payroll data indicated that the S&P 500 is on the verge of entering a bull market. S&P 500 futures remained steady as did those on the Dow Jones Industrial Average. Contracts on the tech-heavy Nasdaq Composite Index edged 0.2% lower.

Asian stocks advanced during the morning session, with Tokyo’s Nikkei 225 gaining 2%, putting it on track to its highest close since July 1990. The MSCI Asia Pacific Index rose by 0.5%.

Oil also made gains following Saudi Arabia’s announcement that it would implement a supply cut of 1 million barrels per day in July following a slump in prices; its lowest production level over the last few years. West Texas Intermediate surged by almost 5% in the morning session, trading at around $73 per barrel.

Bonds were also on the rise, with two-year Treasury yields rising six basis points. “The surge in US payrolls has stoked another leg higher in US yields and reinforced the Fed’s preferred view that a resilient economy means a steady hand in June is a likely rate-hike ‘skip’ rather than an extended pause,” Sean Callow, senior currency strategist at Westpac Banking Corp. observed.

Adobe’s Stock Surges More Than 14% Percent On the Back of Record Revenue

Software company Adobe shared its report for the second quarter, which showed record revenue and earnings results that beat the expectations of analysts. The...

Cruise Stocks Drop Amid Worries About Their Pricing Power

Cruise companies Carnival, Norwegian Cruise, and Royal Caribbean all saw their stock take a significant dip on Friday after analysts expressed concerns about their...

U.S. Home Sales Approach Lowest Level in a Decade Amid All-Time High Prices

Prospective homebuyers in the United States continue to remain on the sidelines amid all-time high prices. Real estate brokerage Redfin recently released a report...