Indexes Rise As Investors Look for the Bottom
indexes rise as investors look for the bottom

Indexes Rise As Investors Look for the Bottom

US stocks edged higher Monday, continuing to build on the momentum from Friday’s rally which capped off a rare winning week for major indexes. 

Last week, the Dow climbed 5.4%, the S&P 500 increased 6.5%, and the Nasdaq jumped 7.5%.

That comeback was the first positive week since May the major US indexes. Still, stocks are on track for one of the worst first six months of the year in decades as investors navigate challenges stemming from a seismic shift in central bank policy. 

Here’s where US indexes stood as the market opened 9:30 a.m. on Monday: 

Legendary investor Howard Marks recommended investors snap up cheap assets now, as “waiting for the bottom is a terrible idea,” he told the Financial Times. 

In crypto, Goldman Sachs is looking to raise $2 billion to buy Celsius’s assets at discounted prices should the digital asset lender go bankrupt, according to CoinDesk. The bank is approaching Web3 funds and traditional financial institutions to gauge interest, per the report. 

Meanwhile, Bank of America forecasted that oil could slump to $75 a barrel in a

recession

— but also said more European sanctions on Russia could push prices up to $150. 

Overseas, G7 nations met Sunday to discuss a price cap on Russian oil, and talks are set to continue Monday. The leaders aim to recruit other nations to join the move, including India and South Africa, the Financial Times reports.

Oil inched higher, with West Texas Intermediate up 0.23% to $107.86 a barrel. Brent crude, the international benchmark, moved up 0.30% to $113.37 a barrel. 

Gold edged higher 0.175% to 1,833.50 per ounce. The 10-year yield rose 6.3 basis points to 3.187%.

Bitcoin slipped 0.11% to $21.244.29.

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