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US stocks continued their upward momentum on Monday, reinforcing last week's gains, the S&P 500 and Nasdaq climbed 1% and 1.2%, respectively, extending their winning streak to eight consecutive days, while the Dow Jones rose by 236 points.
US bond yields were broadly unchanged. The US 2-year bond yield increased 2 basis points to 4.07%. The 10-year treasury yield declined 1 basis points to 3.87%. Interest-rate markets are pricing in around 93 basis points of cuts by the US Fed over the remainder of 2024. There a further 100 basis points of cuts priced in for 2025.
The US dollar continued its decline, with the US dollar index down 0.6% on the day, reaching a low of 101.851 - the lowest level since January this year.
WTI Oil fell the most in more than two weeks, with the lacklustre demand outlook for the world’s two largest economies outweighing geopolitical tensions in the Middle East. The price of oil declined 3% on Monday and are down 4.5% in August so far on the back of concerns around softening demand. This WTI futures is currently trading at under $74 per barrel. Sentimentally positive for paint companies.
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