US stock futures traded lower before the opening bell on Monday, after Wall Street closed last week with a second consecutive weekly gain for the S&P 500, which rose 0.9% to 4,229.89. A report from the US Department of Labor followed, showing that US employers added 559,000 jobs in May.
Technology stocks gained the most and did the most to boost the wider market. The Dow Jones industrial average rose 0.5% to 34,756.39. The rally in technology stocks helped the Nasdaq make a solid profit. The heavy technology index rose 1.5% to 13,814.49.
Smaller company shares also made a profit. Russell 2000 added 0.3% to 2,286.41.
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The rise in jobs last month is another sign that the economy continues to recover, although employment remains below pre-pandemic levels.
Investors are worried about rising inflation, which is becoming a long-term problem, rather than the temporary effect of a recovering economy. They are also worried that the Federal Reserve may consider withdrawing its support for the economy if inflation rises too hot.
Asian stocks, meanwhile, mixed on Monday as the initial euphoria over last week’s gains on Wall Street quickly faded.
The Japanese benchmark Nikkei 225 won 0.3% and finished at 29,019.24. The Australian S & P / ASX 200 lost earlier gains, falling 0.2% to 7,281.90. Kospi from South Korea added 0.4% to 3,252.62. Hang Seng from Hong Kong fell 0.5% to 28,779.65, while Shanghai Composite rose 0.2% to 3,599.54.
Concerns about the coronavirus pandemic remain strong in the region, unlike in the United States and parts of Europe, where life is increasingly returning to normalcy, but the spread of the vaccine is gradually gaining momentum in Asia.
China reported that its exports increased by 28% compared to a year earlier in May, while imports jumped by 51%, although the growth rate slowed after huge gains at the beginning of the year.
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Much of the regional economy depends on exports to the West, and the retreat of the pandemic is boosting Asian countries struggling with severe coronavirus outbreaks. .
“Expectations of a consensus on activity data released this week in Asia appear strong,” Venkateswaran Lavanya of the Asia and Oceania Ministry of Finance told Mizuho Bank in Singapore in a comment.
“The more pertinent question now is whether we can effectively assess the extent of the recovery or its absence in these economies.”
Wall Street closed last week with a second consecutive weekly profit for the S&P 500, which rose 0.9% to 4,229.89. A report from the US Department of Labor followed, showing that US employers added 559,000 jobs in May.
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In energy trading, the US benchmark fell 47 cents to $ 69.15 a barrel in e-commerce on the New York Mercantile Exchange. On Friday, it earned 81 cents to $ 69.62 a barrel. Raw Brent, the international standard, lost 60 cents to $ 71.29 a barrel.
In foreign exchange trading, the US dollar remained unchanged at 109.49 Japanese yen. The euro costs $ 1.2158 compared to $ 1.2165.