Investing.com–US stock indexes rose Monday, starting the new week on a positive tone ahead of the release crucial jobs data later next week.
At 12:30 ET (17:30 GMT), the Dow Jones Industrial Average were up 317 points, or 0.7%, the S&P 500 index were 71 points, or 1.2%, higher, and NASDAQ Composite gained 335.6 points, or 1.7%.
Markets will see another shortened week of trading as the New York Stock Exchange will be closed on Thursday to honor the passing of former President Jimmy Carter.
Fed’s Barr to resign early
Federal Reserve’s top official Michael Barr is planning to step down from his role, according to the US central bank on Monday.
Barr will leave his position on February 28, 2025, unless a successor is confirmed earlier.
Markets await Fed meeting minutes, jobs data
Minutes for the Federal Reserve’s Dec 17-18 meeting are due on Wednesday and Fed speakers this week include Thomas Barkin, Jeffrey Schmid and Patrick Harker.
This could help markets further gauge the Fed’s interest rate outlook, where it has signaled fewer rate cuts this year in the face of sticky inflation, and a resilient economy.
The December jobs report is due on Friday, and is expected to show that the US economy added 154,000 jobs in December, while the unemployment rate is expected to hold steady at 4.2%.
The US has a packed economic calendar for this, featuring the December ISM services PMI, final S&P Global PMIs, ADP employment data, JOLTS job openings, November factory orders and trade figures, and weekly jobless claims.
Trump’s tariffs plan in focus
There are major corporate earnings scheduled for this week from the likes of Constellation Brands (NYSE:STZ), Walgreens Boots Alliance (NASDAQ:WBA) and Delta Air Lines (NYSE:DAL).
“In 2025, we expect the S&P 500 will return 11%, rising to 6500 by year-end. Earnings growth will be the main driver of returns,” Goldman Sachs analyst said in a recent note.
Chip stocks were in the spotlight after Foxconn announced record fourth-quarter revenue, boosting the likes of Nvidia (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO) and Micron Technology (NASDAQ:MU).
Also aiding market sentiment on Monday was a Washington Post report saying President-elect Donald Trump’s tariff plan would be narrower than anticipated, with the levies only covering critical imports.
However, Trump rebutted this report in a post on social media, saying his plan for “universal” tariffs as high as 10%-20% won;t be pared back.
Elsewhere, Lucid Group (NASDAQ:LCID) stock rose 5.8% after the electric vehicle maker reported stronger-than-expected fourth-quarter vehicle deliveries.
Crude awaits key data
Crude prices were mixed on Monday, with traders awaiting the release of key US economic data later in the week.
By 12:30 ET, the US crude futures (WTI) fell 0.09% to $73.89 a barrel, while the Brent contract rose 0.03% to $76.53 a barrel.
Crude prices reported two straight weeks of gains on hopes of improving demand in China, especially as Beijing prepares to unlock more stimulus measures in the coming months.
Colder weather in the US and Europe is also expected to help boost oil demand, especially for distillates.
(Ayushman Ojha contributed to this article.)
