US Stocks Close Higher As Investors Await Retail Earnings This Week
S&P 500 rises 0.3% while Nasdaq Composite traded 0.48% higher
The US stocks increased on Monday as investors are waiting for earnings from big retailers, including Home Depot, Walmart, and Target this week.
The Dow Jones Industrial Average added 152 points, or 0.45%, while the S&P 500 rose 0.3%, and the Nasdaq Composite traded 0.48% higher.
Meanwhile, China’s central bank cut rates unexpectedly to boost support for the economy affected by COVID-19 lockdowns and a property downturn.
The bank lowered the medium-term lending rate by 10 basis points to 2.75% from 2.85%, according to a statement by the People’s Bank of China.
Meanwhile, the world’s second-largest economy saw slower-than-expected industrial production and retail sales growth, suggesting that the zero-COVID policy continues to weaken consumer demand.
China’s industrial production grew 3.8% year-on-year in July, weaker than the market estimate of 4.6%, the National Bureau of Statistics said.
The retail trade increased 2.7% from a year ago in July, missing economists’ forecast of a 5% rise.
Brent crude futures diminished by more than $3 to $95 per barrel amid the energy crisis driven by the ongoing Russia-Ukraine war.