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Shares were mostly higher in Asia on Monday as China’s leaders began a major meeting expected to bring fresh pledges of help for the world’s second-largest economy. This meeting of the Standing Committee of China’s National People’s Congress is crucial as analysts predict the government may endorse major spending initiatives to boost the economy. With whispers of a fresh stimulus package, expectations are high, creating a buzz that’s hard to ignore.
Oil prices gained more than $1 a barrel after the OPEC+ oil producing nations announced an extension of production cuts until the end of the year. This news, paired with the upcoming U.S. presidential election, has the potential to impact global markets significantly.
In the U.S., benchmark crude oil gained $1.27 to $70.76 a barrel, while Brent crude, the international standard, picked up $1.30 to $74.70 a barrel. This development, along with a surprising weak job report, influences market speculation and investor decisions.
On Friday, Amazon led U.S. stock indexes higher, contributing to market recovery. The S&P 500 rose 0.4%, the Dow Jones Industrial Average added 0.7%, and the Nasdaq composite gained 0.8%. However, Apple’s projection of low to mid-single digit percentage revenue growth for the holiday quarter led to a 1.2% slide for the company.
The market reaction to Intel’s rally despite reporting a worse loss than expected demonstrates the complexity of investor behavior. Treasury yields are increasing, following a report that U.S. employers added only 12,000 workers to their payrolls last month, falling short of economist predictions.
With a separate report showing U.S. manufacturing contraction, the expectation for the Fed to cut its main interest rate remains strong. The hope is that these anticipated rate cuts will help the economy avoid a recession despite challenges in the job market and other economic indicators.
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