© Reuters. The facade of the New York Stock Exchange (NYSE) can be seen in New York City, USA on May 4, 2021. REUTERS / Brendan McDermid
From Medha Singh
(Reuters) – The price hovered near record highs on Monday as investors waited for economic data this week to provide more clarity on the pace of the economic recovery, while higher commodity prices supported the stocks of miners, energy and steel companies .
The copper miner Freeport-McMoran grew by 3.5% before entering the market, while the aluminum producer Alcoa (NYSE 🙂 rose 3.6% and steelmaker United States Steel (NYSE 🙂 Corp rose 3.1% as prices hit record highs and aluminum hit new highs. (MET / L)
Chevron Corp (NYSE :), Occidental Petroleum Corp (NYSE 🙂 and Exxon Mobil Corp (NYSE 🙂 solidified after a cyberattack on leading U.S. pipeline operator Colonial Pipeline, which carries nearly half of East Coast supplies, raising oil prices by about 0.8%. (OR)
Cybersecurity firm FireEye (NASDAQ 🙂 rose about 6% as industry data said it helped Colonial Pipeline recover from one of the most disruptive digital ransom programs reported.
Both the Dow and the Dow ended Friday highs as an unexpected slowdown in monthly employment growth eased inflation concerns and fueled bets that the US Federal Reserve would remain accommodative longer.
With recent economic reports showing that the US economy is not recovering at an explosive pace as previously forecast, this week's inflation data and comments from Fed officials could determine the next price for US stocks.
At 6:46 a.m. CET, the S&P 500 E-Minis rose 106 points or 0.31%, 3.25 points or 0.08%, and 35.5 points or 0.26%.
The winning season is in its final phase. According to Refinitiv data, around 87.2% of the 439 S&P 500 companies beat earnings estimates. Analysts expect earnings in the first quarter to increase by 50.4% year-on-year. This is the strongest growth rate since 2010.
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