WALL Street stocks finished mostly higher on Monday (Jan 13), shrugging off a weak opening and another uptick in Treasury bond yields amid shifting monetary policy expectations.
US indices began the day in the same posture as Friday’s session, when equities sold off after a strong jobs report was seen as dimming the odds for Federal Reserve interest rate cuts.
But two of the three major indices finished the day in positive territory, with the Dow Jones Industrial Average up 0.9 per cent at 42,297.12.
The broad-based S&P 500 climbed 0.2 per cent to 5,836.22, while the tech-rich Nasdaq Composite Index declined 0.4 per cent to 19,088.10, well above its session lows.
LBBW’s Karl Haeling said the market is less overbought compared with a few weeks ago after the sluggish beginning to 2025 equity trading.
“The market is showing less sensitivity to higher bond yields,” Haeling said.
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Among individual companies, Johnson & Johnson rose 1.7 per cent after announcing a deal to acquire Intra-Cellular Therapies for about US$14.6 billion.
Intra-Cellular, which focuses on treatments for depression and schizophrenia, jumped 34.1 per cent.
But Moderna sank 16.8 per cent as it projected 2025 revenues of between US$1.5 and US$2.5 billion, falling from the 2024 level of around US$3 billion.
Retail shares were mixed following financial updates that included inputs from the critical holiday shopping season. Macy’s dropped 8.2 per cent and Abercrombie & Fitch slumped 15.6 per cent but Lululemon Athletica climbed 0.9 per cent.
This week’s calendar includes earnings from large banks, as well as economic releases on US inflation and retail sales. AFP
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