FINWIRES · TerminalLIVE
FINWIRES

US Equity Indexes Rise Amid Tech Gains; Crude Oil Pares Gains on Hopes of Iran Peace Deal

By

US equity indexes were up ahead of Monday's close amid gains in financials and technology.

Crude oil futures gave up almost all intraday gains after President Donald Trump's reported comments that he may secure a peace deal after negotiations in Islamabad, Pakistan, failed to yield a resolution of the war in the Middle East.

The Nasdaq Composite rose 1.1% to 23,158.6, the S&P 500 climbed 0.9% to 6,876.7, and the Dow Jones Industrial Average advanced 0.5% ti 48,153.5.

Defensive sectors -- consumer staples and utilities -- led the decliners. The financial services sector was the top gainer, ahead of quarterly earnings from mega-cap banks due this week.

Stocks clawed back intraday declines after President Trump said that "we've been called by the other side."

"They'd like to make a deal very badly," Trump added.

West Texas Intermediate crude oil futures rose 1.4% to $97.87, and Brent crude futures climbed 3.3% to $98.31, after surging more than 7.5% earlier in the session.

Meanwhile, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.

Related Articles

International

South Korea's Exports Jump 37% in First 10 Days of April

South Korea's exports jumped 36.7% to $25.2 billion in the first 10 days of April from $18.4 billion a year earlier, Monday data from the Korea Customs Service showed.Imports increased 12.7% to $22.1 billion from $19.6 billion a year earlier, resulting in a $3.1 billion trade surplus.

^KOSDAQKOSPI
International

Market Chatter: BOJ Rate Hike and Stronger Yen Could Curb Inflation, Says Japan Trade Minister

Japan's trade minister Ryosei Akazawa said the Bank of Japan could tame inflation by boosting the yen, as the central bank considers a rate hike this month to counter price pressures from the Iran war, Reuters reported Monday, citing the official.Akazawa - who serves as both Japan's top trade negotiator and head of the Ministry of Economy, Trade and Industry- made these remarks on a television talk show in reply to an economist's argument that a stronger yen would ease the higher expenses of importing crude oil, the news wire said.On the same NHK program, Hideo Kumano, chief economist at Dai-ichi Life Research Institute, stated that if the BOJ used policy to lift the yen by roughly 10% to 15%, it could curb price increases across the economy, including for food, which represents a large portion of household spending.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225
International

ANZ Expects RBNZ to Take Official Cash Rate to 3% With Hikes in July, September, and October

The Reserve Bank of New Zealand (RBNZ) is now expected to consecutively increase the official cash rate three times by 25 basis points in July, September, and October, taking the policy rate to 3%, according to a Monday report by ANZ Research.The central bank is likely to decide that the risks of conducting rate hikes later outweigh the risks of increasing too soon as long as the official cash rate is not considered contractionary.The analysts noted that it was possible the subsequent monetary policy decision could be a rate cut, or that the official cash rate "doesn't even make it as far as 3%."The outlook for oil prices and fuel supply is highly uncertain; meanwhile, the impact on medium-term inflation is ambiguous. Both the demand and the supply side of the economy are in flux.

^NZ50