Stock Market News: September 9, 2019

U.S. stocks were bid higher on Monday as investors hoped global central banks would unleash further stimulus, with recent positive economic data releases that did little to quell concerns about slowing global growth.

<p class = "canvas-atom canvas text Mb (1[ads1].0 em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The energy sector led to gains in S & amp; ; P 500, with domestic crude prices rising more than 2% after the recent coinage of Saudi Energy Minister Prince Abdulaziz bin Salman confirmed that OPEC and its allies will continue to cut oil output. "data-reactid =" 16 > The energy sector led to gains in the S&P 500, with domestic crude prices rising by more than 2% after the gorgeous Saudi energy minister Prince Abdulaziz bin Salman confirmed that OPEC and its allies will continue to cut oil production.

Here were the key moves in the market, as of 11:06 AM ET:

• S&P 500 (^ GSPC): + 0.24%, or 7.21 points

• Dow (^ DJI): + 0 , 35%, or 93.46 points

• Nasdaq (^ IXIC): + 0.23%, or 18.97 points

• 10-year Treasury Rate (^ TNX): +7.8 bps to 1.628% [19659007] Crude oil (CL = F): + 2.19% to $ 57.76 per barrel

• Gold (GC = F): -0.53% to $ 1,507.50 per ounce

With a lack of big financial data and earnings results for companies expected to be released in the US to start the week, participating market participants have instead analyzed the latest set of foreign data. Some stronger results than expected from financial data from the UK and Germany helped encourage investors to turn to risky days on Monday.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = "UK economy & nbsp; expanded at a rate of 0.3% & nbsp; between June and July, according to the Office of National Statistics (ONS) This exceeded expectations of only a 0.1% monthly gain, from 0% in June, with results The return on growth in July – the first month of the third quarter – suggested that the country would avoid recession, which is defined as two consecutive quarters of contraction, with the UK economy contracting 0.2% in the second quarter of 2019. "data-reactid =" 26 "> The UK rose 0.3% between June and July, according to the Office of National Statistics (ONS). This exceeded expectations of only 0.1% monthly gain, up from 0% in June, with results driven by strength in the service sector. Back to growth in July – the first month of the third quarter – hinted that the country would avoid a recession, which is defined as two consecutive quarters of contraction. The UK economy contracted 0.2% in the second quarter of 2019.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = " text "content =" In Germany, & nbsp; stronger than expected July export data & nbsp; a short respite after months of weak data from the eurozone's largest economy, exports rose 0.7% month over July , the Federal Statistical Office reported on a seasonally adjusted basis, while a 0.5% decline was expected, according to Bloomberg compiled expectations, however, many market surveys indicated that ongoing trade disputes and Brexit uncertainty and continue to threaten & nbsp; the export-related German economy. "data-reactid =" 27 "> In Germany, stronger-than-expected export data from July provided a short respite after months of weak data from the eurozone's largest economy. For exports, 0.7% month-over-month in July, on a seasonally adjusted basis, the Federal Statistical Office reported, while expected a 0.5% decline, according to Bloomberg Compiled Expectations. However, many pundits in the market pointed out that ongoing trade disputes and Brexit uncertainty continue to threaten the export-related German economy.

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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = "These ongoing threats have led consensus economists to continue to expect the European Central Bank (ECB) will launch further stimulus following its political meeting on Thursday, earlier this summer ECB President Mario Draghi said he was considering taking stimulus measures to help boost the eurozone economy amid anemia c growth and low In addition, the ECB had said in its latest political statement that it expected to remain in control rates at "their current or lower levels" at least through the first half of 2020. Consensus economists asked by Bloomberg expect a 10 basis points reduced to the ECB's deposit rate by the end of Thursday's meeting, reducing this to -0.500%. "Data-reactid =" 39 "> These ongoing threats have led consensus economists to continue to expect the European Central Bank (ECB) to launch additional stimulus following its political meeting on Thursday, ECB President Mario Draghi said earlier this summer He considered implementing stimulus measures to help boost the eurozone economy amid anemic growth and low inflation, plus, the ECB had said in its latest political statement that it expected to keep policy rates at "its current or lower levels" in it. at least through the first half of 2020. Consensus economists asked by Bloomberg expect a 10 basis point reduction to the ECB's deposit rate at the end of Thursday's meeting, reducing this to -0.500%.

Such a move by the ECB would parallel global monetary easing and stimulus measures recently unleashed by the central bank around the world. [19659016] Friday cut China's central bank reserve requirements for a seventh time since the start of 2018, which reduces the level of reserves that banks are mandated to hold and thus release funds for loans. At the height of this decision, Chinese exports had unexpectedly slumped in August, underlining the hit taken by the world's second-largest economy amid ongoing trade conflicts with US Chinese exports to the US, down 16% over August last year , after in July fell 6.5%.

Meanwhile, the US central bank is expected to reduce the reference rate by a quarter percentage point at its own meeting, marking a second subsequent interest rate cut following the Fed's July meeting. Fed officials have entered a blackout period this week before the meeting and will not make public comments.

STOCKS: AT&T surges after activist investor reveals large stake

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text "content =" Shares of AT&T ( T ) jumped more than 7% in early trading Monday after activist hedge fund & nbsp; Elliott Management revealed a multi-billion dollar stake & nbsp; in the telecommunications giant, saying it believes the stock could double by the end of 2021. "data-reactid =" 44 "> Shares of AT&T (T) jumped more than 7% in early trading Monday after activist hedge fund Elliott Management revealed a multimillion-dollar stake in the telecommunications giant, saying it believed the stock could double by the end of 2021.

History continues

Elliott Management said it owns $ 3.2 billion in AT & T's stock, and has a price target of $ 60 per share for AT&T, a letter to the board states. While the hedge fund said it believed AT&T had underperformed over the past decade, in part due to a number of questionable M&A deals and integrations, it allowed the company to "unlock significant value" by working to improve management and operations, and is currently trading at a level that is "historically cheap."

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<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = " Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck "data-reactid =" 64 "> Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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