NEW YORK – United States stocks gained modestly Monday with the S&P 500 Index and Dow Jones Industrial Average continuing their record runs, as strength in technology and consumer staples balanced out weakness in energy. Oil dropped amid speculation that an abundance of supply will weigh on the market. The dollar climbed, and the euro also rose.
European equities slipped after a report showed German industrial data unexpectedly fell in June, with declines in travel and leisure shares offsetting advances for ArcelorMittal and Anglo American Plc after iron ore and steel prices increased. West Texas Intermediate crude sat below $50 a barrel as producers gathered in Abu Dhabi to address oversupply issues. The S&P 500 Energy Index was down 1 percent, making it the worst performing group in the broader gauge.
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The euro remained resilient as investors show increasing confidence in European growth amid disappointment over U.S. President Donald Trump’s failure get tax reform and infrastructure spending plans off the ground. Monday’s report from Germany is unlikely to mark a turning point for either the nation’s economy or the wider bloc, which has successfully navigated a series of political challenges while expansion accelerates.
“I’m maxing on the euro at $1.20 at the moment, and I’m happy for it to be poodling along for a little while until something new and different comes long,” David Bloom, global head of currency strategy at HSBC Holdings Plc, said in an interview with Bloomberg TV. “It could be tax reform in the U.S.”
Among the key events looming this week:
Representatives from OPEC and non-member nations meet in Abu Dhabi Monday to discuss supply cut compliance, which fell to 86 percent in July.
It’s a week of industrial data in Europe.
U.K. factory output for June is due Thursday.
After Monday’s industrial production for Germany, Italy is on Wednesday and France on Friday.
Kenya holds a presidential election starting Tuesday with President Uhuru Kenyatta challenged by former Prime Minister Raila Odinga.
Among a number of Fed speakers this week, keep a keen ear out for comments by New York Fed boss Bill Dudley on Thursday.
South African President Jacob Zuma faces a no-confidence vote.
Dutch Prime Minister Mark Rutte resumes talks to form a coalition government on Wednesday.
The Fed’s inflation puzzle means Friday’s CPI data in the U.S. will get close attention.
Argentina, Mexico, New Zealand, Peru, the Philippines, Serbia and Zambia set monetary policy.
Eric J. Weiner is a reporter for Bloomberg News.
