Wall Street’s major indexes opened higher on Monday amid optimism over China’s reopening of its borders, while signs of a slowdown in the labor market have fueled bets that the US Federal Reserve will slow its rate hike.
The Dow Jones Industrial Average rose 33.78 points, or 0.10%, to open at 33,664.39.
The Standard & Poor’s 500 began trading up 15.74 points, or 0.40%, to 3910.82, according to Reuters.
The Nasdaq Composite rose 92.81 points, or 0.88%, to 10,662.11.
In an interview with Al-Arabiya, Beam Capital Managing Director Muhannad Al-Amaa said recent US employment data came in above expected levels and this is seen as negative for share prices.
Al-Amai explained that this data motivates the US Federal Reserve to raise interest rates for a longer period and to higher levels.
Al-Amai added that growth in the average wage in the US was less than expected, and this is the positive moment that the markets are counting on.
Al-Amai said markets have mechanical problems after witnessing an infusion of new liquidity earlier this year that helped US equities, in addition to the impact of Friday’s unemployment data.
