The Dow Jones Industrial Average (DJIA) managed to gain some ground in today's quiet trading session, following the volatility caused by last week’s Nonfarm Payrolls (NFP) report. However, the market is still showing signs of weakness, with some stocks keeping the averages in check.
Fedspeak will be the key driver this week as investors try to pin down the likelihood of accelerated rate cuts from the Federal Reserve (Fed). The economic calendar is notably thin from the US this week, though traders will watch for Friday’s consumer sentiment survey results from the University of Michigan. The UoM Consumer Sentiment Index for May is expected to tick down to 77.0 from 77.2.
The Dow Jones is up a scant sixth of a percent on Monday as investors recover risk appetite on renewed hopes of Fed rate cuts, but upside momentum remains tight. Around half of the 30 securities that make up the Dow Jones Industrial Average are down or flat on the day.
Walt Disney Co. (DIS) leads the top of the Dow Jones gainers on Monday, climbing around 2% and trading near $116.00 per share ahead of Disney’s latest earnings report due Tuesday morning. On the low side, Amgen Inc. (AMGN) fell nearly 4% as traders pull back from the biotech stock following last week’s surge. Amgen is due to bring its own weight loss drug to market, a category of drugs that have seen wild demand surges and investors initally bet that Amgen would be able to carve out some of the high-demand drug market
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