Wall Street kicked off the week on a cautious note, with major indexes trading relatively flat as investors seek more clarity on the economic and political landscape.

A widely followed private sector survey by S&P Global revealed that output growth slightly exceeded expectations in September, buoyed by stronger services activity. However, the report also signaled a reawakening of inflationary pressures, raising concerns about future monetary policy moves.

The latest betting-implied odds from Polymarket show Kamala Harris at 51% to win the 2024 U.S. presidential election, surpassing former President Donald Trump, who has seen his consensus slips in recent weeks.

Among major assets, gold continues its upward momentum, setting new all-time highs as investors flock to safe-haven assets amid global uncertainty.

Meanwhile, natural gas prices spiked over 4%, hitting a three-month high early Monday. The rise follows the formation of another storm in the Gulf of Mexico, which threatens to further disrupt supply chains already impacted by Hurricane Francine.

The geopolitical situation in the Middle East remains tense, with Israel targeting new Hezbollah sites in Lebanon and the U.S. sending additional military troops to the region amid rising conflict.

Despite the turmoil, oil prices fell by 2%, suggesting that supply fears may be easing for the moment.

In the cryptocurrency space, Bitcoin (CRYPTO: BTC) eased by 0.5%, showing little movement.

Monday’s Performance In Major U.S. Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) was flat at $568.42.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) edged 0.1% lower to $420.26.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) flattened at $482.36.
• The iShares Russell 2000 ETF (NYSE:IWM) fell 0.5% to $220.36.
• The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) outperformed, up 0.6%. The Health Care Select Sector SPDR Fund (NYSE:XLV) lagged, down 0.6%.

Monday’s Stock Movers

• Tesla Inc. (NASDAQ:TSLA) rallied 4%, while General Motors Co. (NYSE:GM) fell 2.7% reacting to the latest export ban proposal from the U.S. administration on Chinese-made vehicles.
• Intel Corp. (NASDAQ:INTC) rose over 3% amid rumors that Qualcomm Inc. (NASDAQ:QCOM) is exploring a potential takeover. Shares of Qualcomm fell 2%.
• Ciena Corp. (NYSE:CIEN) obtained a double upgrade from Sell to Buy by Citigroup.
• Viking Therapeutics Inc. (NASDAQ:VKTX) fell over 6% amid negative weight-loss study data.

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This image was created using artificial intelligence MidJourney.