It’s a broadly positive session for the U.S. stock market on Monday, albeit one marked by significant sectoral differences.

The tech sector is experiencing flat performance at midday, while blue-chip stocks continue to surge, aiming for their eleventh consecutive positive close, a streak not seen since 1987.

All eyes are on the upcoming FOMC meeting, with the meeting beginning Tuesday and the Fed delivering a rate decision statement Wednesday.

Cues From Monday’s Trading:

The S&P 500 Index rose 0.5%, while the Nasdaq 100 Index was unchanged.

Blue chip stocks in the Dow Jones Industrial Average jumped 0.6%, on track to mark their eleventh straight session in the green.

Small caps in the Russell 2000 Index rose 0.3%.

US Index Performance On Monday July 24th

Almost all U.S. equity sectors were positive, except for the Utilities Select Sector SPDR Fund (NYSE:XLU) and the Health Care Select Sector SPDR Fund (NYSE:XLV), which traded mostly flat.

The Energy Select Sector SPDR Fund (NYSE:XLE) was best performing sector on Monday, up 2.1%, followed by the Financial Select Sector SPDR Fund (NYSE:XLF), up 1.1%.

Latest Economic Data:

The S&P Global U.S. Manufacturing PMI recorded an increase from 46.3 in June to 49 in July, breaking the trend of two consecutive months of declines and surpassing expectations of 46.2.

The S&P Global U.S. Services PMI fell from 54.4 in June to 52.4 in July, marking the second consecutive monthly decline, and missing expectations of 54. The service activity gauge fell to the lowest since February 2023.

The S&P Global US Composite PMI fell from 53.2 in June to 52 in July, the lowest since March 2023.

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Stocks In Focus:

Commodities, Bonds, Other Global Equity Markets:

Crude oil rose 3%, with a barrel of WTI-grade crude trading at $79.10. The United States Oil Fund ETF (NYSE:USO) was 2.7% higher to $70.90.  

Treasury yields were broadly unchanged, with the 10-year yield flat at to 3.85% and the two-year yield up marginally up to 4.89%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was 0.2% lower for the day. 

The dollar rose, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), down 0.2%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was 0.4% lower to 1.1081.

European equity indexes closed with mixed performances. The SPDR DJ Euro STOXX 50 Etf  (NYSE:FEZ) fell 0.5%. 

Staff writer Piero Cingari updated this report midday Friday. 

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