Wall Street Ends Higher as Other Markets Stay Closed

Quick overview

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While markets worldwide were mostly closed for Labor Day, Wall Street remained open and ended the day in the green.

Global markets were sluggish following the contraction of the U.S. economy, but Wall Street saw gains thanks to strong tech earnings reports from Microsoft and Meta. Meanwhile, the Bank of Japan’s lowered growth forecasts, attributed to U.S. trade tariffs, led to a drop in the yen.

In New York, the Nasdaq rose 1.5%, the S&P 500 gained 0.6%, and the Dow Jones edged up 0.2%. Despite a U.S. GDP contraction in Q1, Wall Street ended higher, bolstered by solid tech results.

SPX

In Asia, Japan’s Nikkei jumped, but Europe’s FTSE stalled, causing the MSCI global equity index to dip into the red.

International Markets

Gold, which had soared as a safe-haven asset this year, dropped to a two-week low as traders locked in some profits amid signs of easing in the global trade war.

Meanwhile, most European bond markets were closed for the May Day holiday. British 10-year bond yields fell, and U.S. Treasury yields dropped back to 4.15%. Analysts are now forecasting four U.S. rate cuts for the remainder of the year.

Crude oil prices stabilized at $61 per barrel after a drop on Wednesday, fueled by U.S. GDP data and indications that Saudi Arabia, the world’s largest oil exporter, plans to increase production this year.