⚠️BREAKING: *WALL STREET BOUNCES MODESTLY AFTER LAST WEEK'S SELLOFF AS DIP BUYERS SNAP UP TECH SHARES - $DIA $SPY $QQQ $IWM 🇺🇸🇺🇸
NEW YORK - U.S. stocks eked out a slight gain on Monday as investors engaged in some bargain hunting after last week's losses, the biggest percentage declines of 2023 for Wall Street's main benchmarks, as jitters persisted about coming interest rate hikes to tame stubbornly high inflation.
All three main stock indexes climbed more than 1% shortly after the opening bell, in part due to an easing in Treasury yields, and all three closed well off their session highs. Stocks steadily gave up gains throughout the session as U.S. Treasury yields moved off the day's lows. "On the heels of the worst week of the year, first three-week losing streak for the S&P since December, a little green is a welcome change but again the reality is market participants are trying to square the circle with exactly how long the Fed will leave rates high, and is a 50 basis point hike really on the table at the next meeting," said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska.
"It’s led to a good deal of uncertainty, and we have seen that when there is uncertainty there can be selling and volatility."
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