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Wall Street experienced a modest uptick on Monday following a positive conclusion to the previous week, buoyed by signs that the jobs market is cooling. Approximately 10 minutes into the trading session, the Dow Jones Industrial Average inched up by 0.1 percent to reach 34,104.44.
The broader S&P 500 Index displayed a 0.2 percent increase, reaching 4,367.78, while the tech-focused Nasdaq Composite Index saw a more substantial jump of 0.5 percent, reaching 13,548.00.
Major US indices are striving to maintain their gains from the prior week, prompted by a weaker jobs market report that tempered expectations of imminent interest rate hikes.
On Friday, the Labor Department released employment data revealing that the US economy added 150,000 jobs in October, reflecting a slowdown in hiring. Additionally, monthly wage growth dipped to 0.2 percent.
Commenting on the market's performance, Patrick O'Hare of Briefing.com noted, "There should be some natural cooling after that hot run, but what remains notable at this point is that there isn't any concerted selling interest after such a massive move." He added that the stock market is currently facing the task of demonstrating its ability to maintain a positive bias.
The recent economic data, including the cooling job market, has led to a decline in Treasury yields, which in turn has provided a boost to equities. However, Treasury yields started to edge up once more early on Monday.
While the economic data calendar appears to be relatively light for the moment, the upcoming week holds potential insights from Federal Reserve Chair Jerome Powell, who is scheduled to speak twice. His remarks may provide further clarity on the central bank's outlook and potential policy shifts in response to recent economic developments.
