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Reading: Dow Jones Industrial Average Harnesses Bullish Momentum as Market Sentiment Improves on Monday
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Gulf Press > Business > Forex > Dow Jones Industrial Average Harnesses Bullish Momentum as Market Sentiment Improves on Monday
Forex

Dow Jones Industrial Average Harnesses Bullish Momentum as Market Sentiment Improves on Monday

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Last updated: 2024/05/06 at 7:17 PM
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The Dow Jones Industrial Average (DJIA) saw a slight increase in trading on Monday, following a volatile week due to the Nonfarm Payrolls (NFP) report. However, the market still showed signs of weakness, with some stocks holding the averages back. Investors will be closely watching Fedspeak this week to gauge the possibility of accelerated rate cuts from the Federal Reserve. The economic calendar is relatively quiet, with the University of Michigan’s Consumer Sentiment Index for May being a key focus on Friday.

The Dow Jones is up slightly on Monday, with investors regaining risk appetite amid hopes of Fed rate cuts. However, momentum remains limited, with around half of the 30 securities in the index either down or flat. Walt Disney Co. (DIS) was a top gainer, rising about 2%, while Amgen Inc. (AMGN) saw a decline of nearly 4%. Amgen’s stock fell after last week’s surge, as investors pulled back ahead of the company’s weight loss drug launch.

In terms of technical outlook, the Dow Jones tested a daily high before a midday pullback. The index is currently trading above the 200-day Exponential Moving Average (EMA), signaling bullish momentum. Despite this, the Dow Jones has struggled to rebound from its record peaks in March. The five-minute and daily charts show the index’s performance and overall trend in the market.

Overall, US equities were higher on Monday, but the market still showed signs of weakness and limited momentum. Fedspeak will be a key focus this week for investors as they analyze the possibility of rate cuts from the Federal Reserve. With a quiet economic calendar, attention will turn to the University of Michigan’s Consumer Sentiment Index for further insights into market sentiment.

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News Room May 6, 2024
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