Before the opening bell on Monday, key indicators for the US stock market pointed towards a positive start, as traders positioned themselves in anticipation of crucial inflation data set to be released later this week. The Standard & Poor's 500 and the Nasdaq each gained 0.3% in premarket trading, while the Dow Jones Industrial Average rose by 0.4%.
Although Asian markets showed mixed to slightly lower results, European stock markets generally exhibited upward trends. With no significant economic reports due for Monday, investors are eagerly awaiting the consumer price index for October, which will be published on Wednesday. This is closely followed by the producer price index for the same month on Thursday, and last month's retail sales report, which is set to be released on Friday. Last week, the Federal Reserve's monetary policy committee made headline news by reducing its benchmark lending rate by 25 basis points, building on a significant 50-point cut executed in September. Several companies are expected to unveil their latest financial results before the market opens, including Monday.com, Aramark, and ICL Group.
In the after-hours, Live Nation Entertainment and Grab Holdings will also report their earnings. Tesla's stock notably surged by 6.5% in pre-bell trading, while Coinbase Global saw an impressive increase of 16%. Palantir Technologies followed suit with a rise of 3.2% in its stock value. In terms of additional commodities and yields, bitcoin ascended by 3.6%, reaching $82,154.
Conversely, West Texas Intermediate crude oil experienced a drop of 1.7%, settling at $69.18 per barrel. The yields on 10-year Treasuries fell by 3.7 basis points to 4.31%, and gold prices decreased by 0.8% to $2,673 per ounce..