Elsewhere, investors in Asia cheered a move by the People’s Bank of China to reform interest rates, with the goal of lowering real interest rates for companies, as that country also faces a slowing economy. And European stocks got a lift after German Finance Minister Olaf Scholz over the weekend suggested the government could come up with $55 billion in stimulus if needed.
Investors are hoping that Federal Reserve Chairman Jerome Powell will use his speech Friday at the central bank’s economic policy symposium in Jackson Hole, Wyoming, to signal that a fed-funds rate cut will be delivered at the central bank’s next meeting Sept. 17-18.
Meanwhile, markets were watching remarks from Eric Rosengren, president of the Federal Reserve Bank of Boston, a voting member of the central bank’s interest-rate-setting committee, and one who voted against the Fed’s July cut. “Economic conditions are still pretty good,” he told Bloomberg Television. “We have to be careful not to ease too much when we don’t have significant problems.”
Which stocks were in focus?
Shares of Apple rose 1.9%, making it one of the best performing Dow stocks in Monday activity.
U.S.-traded shares of Weibo Corp . /zigman2/quotes/206830028/composite WB -3.94% rallied 14.1%, after the Beijing-based social-media company reported a second-quarter profit and revenue that beat expectations.
Shares of Aramark /zigman2/quotes/204468030/composite ARMK +0.64% rose 8.3% Monday, after hedge fund Mantle Ridge L.P. disclosed that it had taken a large equity stake in the food- and uniform-services company.
Baidu Inc . /zigman2/quotes/209050136/composite BIDU -3.27% could be in focus Monday, as the Chinese Internet-search company is due to announce earnings after the close. U.S.-traded shares were up 7.8%.
How did other markets trade?
The yield on the 10-year U.S. Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00% rose 5.7 basis points to 1.596%.
Stocks closed higher in Asia, with the China CSI 300 index closing up 2.1% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.45% adding 2.2%. Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.58% rose 0.7%.
In Europe, stocks rose, with the pan-European Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +1.09% up 1.1%.
In commodities markets, the price of crude oil was up 2.1% to $56 per barrel, and gold fell 0.9%, to about $1511.70 per ounce.
The ICE U.S. dollar index /zigman2/quotes/210598269/delayed DXY +0.09% , meanwhile, rose 0.1%