Australian Market

Australia’s S&P/ASX 200 closed 0.6% higher. Gains by financial stocks more than offset weakness in the materials and energy sectors. Consumer-discretionary and tech stocks also gained.

US Market 

U.S. stocks treaded water, with investors awaiting Fed Chair Jerome Powell’s congressional testimony on Tuesday and important labor market data at the end of the week. The S&P 500 climbed less than 0.1%, and the Dow Jones Industrial Average added 0.1%. The Nasdaq Composite Index slipped 0.1%. Stocks opened the session modestly higher before paring their advance in afternoon trading.  

Investors are eagerly anticipating Powell’s testimony before Congress on Tuesday and Wednesday because it will mark his first public remarks since government agencies reported higher-than-expected inflation data last month. “Markets have been, and today are still, in a tug of war between hope and dread as to what the Fed might say or do,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments.

Commodities

Gold prices ended unchanged, holding above the $1,850 an ounce mark after snapping a run of four straight weekly declines. April gold prices ended flat at $1,854.60 an ounce. On the day, investors waited for “more clarity on the likely trajectory of the Federal Reserve’s interest rate moves, as well as how well [U.S.] employment is holding up against the current cost pressures,” said Rupert Rowling, market analyst at Kinesis Money, in market commentary.

Oil Futures

Oil futures settled higher, giving up early declines, as traders shook off energy-demand concerns tied to the 5% economic growth target set by China’s National People’s Congress. West Texas Intermediate crude for April delivery climbed 1% to settle at $80.46 a barrel on the New York Mercantile Exchange. Front-month contract prices, which had touched an intraday low of $78.32, ended the session at their highest since Jan. 26, according to Dow Jones Market Data.

May Brent crude rose 0.4% to $86.18 a barrel on ICE Futures Europe, the highest finish in three weeks. “I suspect that (China’s) trying to talk down their growth so they can buy commodities cheaper,” said Phil Flynn, senior market analyst at the Price Futures Group. “If you look at the surrounding evidence for the Chinese reopening, it’s clear that China most likely is going to aim low so they can exceed expectations.”

Asian Markets

In Asia earlier, Japan’s Nikkei Stock Average ended 1.1% higher, led by gains in electronics stocks, as hopes grow for U.S. economic strength and concerns ebb about borrowing costs. Chinese shares ended mixed as investors digested the country’s conservative growth target of around 5% that dampened investors’ hopes for a big stimulus and indicated economic headwinds are ahead. Shares of chip makers and pharma companies led the gains. The benchmark Shanghai Composite Index closed 0.2% lower, the Shenzhen Composite Index was flat, and the ChiNext Price Index ended 0.4% higher.