- Rising energy shares lead the rally on Monday.
- Financial shares gain traction on the back of surging Treasury bond yields.
- Defensive sectors trade in the negative territory to reflect the upbeat mood.
Wall Street’s main indexes started the day higher on Monday and advanced to their fresh record highs boosted by the upbeat market sentiment. As of writing, the Dow Jones Industrial Average was up 0.5% on the day while the S&P 500 and the Nasdaq Composite were adding 0.45% and 0.6%, respectively.
Comments from both sides on Monday showed that the United States and China are moving closer to completing and signing the phase-one of the trade deal and allowed risk-on flows to dominate the market action.
Rising crude oil prices on hopes of the OPEC+ introducing additional output cuts at the meeting in December and easing concerns over a prolonged trade dispute supported the Energy Index, which was last up more than 2% to lead the rally. Additionally, a more-than-3% gain witnessed in the 10-year US Treasury bond yield is lifting the rate-sensitive Financials Index in the early trade.
Confirming the risk-on atmosphere, the defensive Utilities, Real Estate, and Consumer Staples indexes are all in the negative territory.
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