Wall Street stock indices rebounded on Monday after a steep Friday sell-off, as optimism for an earlier Federal Reserveinterest rate cut prevailed.
At 9:33 AM, the Dow Jones Industrial Average rose 301.22 points, or 0.69%, to 43,889.80, the S&P 500 gained 48.91 points, or 0.78%, to 6,286.21 and the Nasdaq Composite was up 205.12 points, or 0.99%, at 20,855.25.
By the end of 2025, market participants expect at least two quarter-point cuts in interest rate.
The weak jobs data fueled hopes of interest rate cuts by the US central bank.
Last week, labor data showed that US jobs growth was weaker than expected in July while the non-farm payrolls numbers for May and June were revised down by a massive 258,000 jobs.
Gainers and Losers
Tesla stock gained 2.6% after the EV maker’s board granted CEO Elon Musk 96 million shares worth about $29 billion.
Lyft shares rose 2.9% after the company partnered with China’s Baidu to deploy robotaxis across Europe from next year.
Spotify stock advanced 7.6% after the music streaming platform announced plans to hike the monthly price of its premium retail subscription.
Joby Aviation shares climbed 17.5% after Bloomberg reported that the company was exploring the acquisition of helicopter ride-share operator Blade Air Mobility . Blade Air stock also surged 25.4%.
Gold prices edged higher for a third straight session on Monday on hopes of interest rate cuts by the US central bank.
As of 0915 AM ET (13:15 GMT), spot gold rose 0.3% to $3,373.22 per ounce. US gold futures gained 0.8% to $3,427.10.
Among other metals, spot silver was up 0.8% at $37.33 per ounce. Platinum inched 0.5% higher to $1,322.03, while palladium slipped 1.9% to $1,184.75.
