Wall St Heads For Strong Open As Rise In Oil Boosts Energy Stocks – fr

Wall St set to break three-day losing streak after fewer jobless claims – fr

The front facade of the New York Stock Exchange (NYSE) is seen in New York, United States, May 4, 2021. REUTERS / Brendan McDermid / File Photo

Major Wall Street indices were set to open higher on Monday as higher oil prices pushed energy stocks higher, as investors braced for key inflation readings later this week.

Chevron Corp (CVX.

Risk sentiment also improved with cryptocurrencies gaining ground after a weekend selling period fueled by new signs of a growing Chinese crackdown on the emerging sector.

Crypto-exchange operator Coinbase Global (COIN.O) and miners Riot Blockchain (RIOT.O) and Marathon Digital Holdings (MARA.O) gained between 3% and 4%. Read more

Stock markets have been rocked in recent weeks as investors juggle strong economic data and fears that supply-side constraints will cause a prolonged period of price hikes and force the Federal Reserve to reduce support in crisis period.

“We’re looking at a good, positive start to the week as stock valuations have returned to a reasonable level and are easily justified, helping to eliminate a good chunk of speculative trading,” said Art Hogan, chief market strategist at National Securities in New York.

“We went through a period of time where we were strapped for technology and focused on value stocks, when right now we’re seeing a lot of those deals coming back into tech. “

After falling 4.3% from its May 7 record, the S&P 500 is only 2% from that level as investors picked up the tech stocks most dejected by fears of rising prices. rate.

Thursday’s US personal consumption data, the Fed’s preferred measure of inflation, will be the centerpiece of the week.

At 8:31 am ET, Dow e-minis were up 122 points, or 0.36%, S&P 500 e-minis were up 22.25 points, or 0.54%, and Nasdaq e-minis 100 increased by 106.75 points, or 0.8%.

Cabot Oil & Gas Corp (COG.N) and Cimarex Energy Co (XEC.N) have agreed to merge to form a US oil and gas producer with an enterprise value of approximately $ 17 billion, the latest deal in an industry rebounding from one of its worst downturns. Read more

Cabot and Cimarex shares fell 1.2% and 1.7%.

Building materials supplier Martin Marietta Materials Inc (MLM.N) has said it will buy the assets of HeidelbergCement AG (HEIG.DE) in California and Arizona for $ 2.3 billion. Martin Marietta shares rose 1.5%. Read more

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