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Investing.com — U.S. stocks edged higher in subdued trading Monday, at the start of a holiday-shortened week that includes the release of minutes from the Federal Reserve’s latest meeting as well as earnings from new tech favorite Nvidia.
By 09:30 ET (14:30 GMT), the Dow Jones Industrial Average traded 35 points, or 0.1%, higher, S&P 500 gained 8 points, or 0.2%, and Nasdaq Composite climbed 65 points, or 0.5%.
Fed minutes loom large
With the focus very much on what the policymakers at the U.S. central bank are going to do next with interest rates, the minutes from its Oct. 31-Nov. 1 meeting on Tuesday, a day earlier than usual, due to this week’s Thanksgiving holiday, will be in the spotlight.
Traders have nearly fully priced in the likelihood that the Fed will keep interest rates unchanged in December, with odds increasing that the next move will be a cut, likely by the start of summer next year.
Microsoft gains on Altman link
The quarterly corporate earnings season has largely run its course, but there is still one more of the Magnificent Seven megacap companies, whose massive share gains this year have led equity indexes higher, left to report.
Chip designer Nvidia (NASDAQ:NVDA) is due on Tuesday, and its results will be followed closely given it has become a focal point of this year’s surge in enthusiasm over generative artificial intelligence.
Elsewhere, Microsoft (NASDAQ:MSFT) stock rose 1.6% after its decision to employ Sam Altman to lead a new advanced artificial intelligence research team, just days after he was forced out as CEO of OpenAI. Reuters reported that OpenAI’s staff has threatened to quit the artificial intelligence startup and join former Altman unless the board resigns.
Citigroup (NYSE:C) stock rose 0.3% after CEO Jane Fraser announced a series of management changes, according to a memo to staff.
Oil rises on hopes of further output cuts
Oil prices rose Monday, extending recent gains following reports that a group of major producers may discuss deeper output cuts when they meet later this month.
By 09:30 ET, the U.S. crude futures traded 1.9% higher at $77.49 a barrel, while the Brent contract climbed 1.9% to $82.12 a barrel.
Crude gained 4% on Friday and has continued to rise Monday after Reuters reported, citing sources, that the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, is set to consider whether to make additional oil supply cuts to shore up prices when it meets on Nov. 26.
OPEC+ has already pledged total oil output cuts of 5.16 million barrels per day, or about 5% of daily global demand, in a series of steps that started in late 2022.
Additionally, gold futures fell 0.7% to $1,970.90/oz, while EUR/USD traded 0.3% higher at 1.0936.
(Oliver Gray contributed to this item.)
Source: Investing.com
