NEW YORK: Wall Street stocks made modest gains on Monday as investors kept a close eye on events unfolding in Russia following an abandoned challenge to the government, while also anticipating the release of key economic data throughout the week.
The focus remained on the turmoil in Moscow after Yevgeny Prigozhin, the leader of the Wagner mercenary group, initiated and then abandoned a mutiny that posed a potential threat to Russian President Vladimir Putin’s leadership.
Shortly after the market opened, the Dow Jones Industrial Average ticked slightly higher to reach 33,741.21. The broader S&P 500 also saw a modest increase of 0.1 percent, settling at 4,352.64, while the tech-heavy Nasdaq Composite Index rose 0.2 percent to 13,513.74.
Uncertainty After Russia Crisis
Although Putin did not personally address the crisis, he delivered a video speech at a youth forum, commending the industrial sector for overcoming “severe external challenges.”
The market reaction reflected a cautious sentiment, with investors closely monitoring the situation in Russia. Patrick O’Hare, an analyst at Briefing.com, noted, “In brief, Prigozhin and his mercenaries will not be marching on Moscow, yet his actions have infused a bit more geopolitical uncertainty into the mix.”
Aside from the events in Russia, investors will also be closely watching key economic data releases scheduled for this week in the United States. These include durable goods orders for May, data on personal income and prices for the same month, and a reading on consumer confidence.
