NEW YORK, Jan 9 ― Global stock indexes rose yesterday with gains in US tech-related shares driving a more than a 2 per cent jump in the Nasdaq, while US oil prices dropped 4 per cent as price cuts by top exporter Saudi Arabia overshadowed Middle East tensions.

Shares of Boeing fell 8 per cent and limited gains in the Dow Jones industrial average. The US Federal Aviation Administration ordered the temporary grounding of some Boeing 737 MAX 9 jets fitted with a panel that blew off an Alaska Air Group jet in midair on Friday.

The US dollar and Treasury yields eased as investors awaited this week's US inflation data and weighed when the US central bank might start cutting interest rates. A New York Federal Reserve report said consumers expect lower inflation as well as weaker income and spending over the next several years.

US consumer price data for December, due Thursday, is expected to show headline inflation rose 0.2 per cent in the month, for a 3.2 per cent annual gain.

In cryptocurrencies, bitcoin jumped 7.1 per cent to US$47,065 (RM218,924), the highest level since April 2022. The US Securities and Exchange Commission is due to decide whether to approve bitcoin exchange-traded funds.

Stock investors are looking ahead to quarterly results from companies. Major banks including JPMorgan Chase get the next US reporting period under way with reports due Friday.

The S&P 500 technology index rose 2.8 per cent on the day.

"We do think the gains (in megacaps) will be sustainable after last year's outperformance,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.

The S&P 500's 24 per cent rally in 2023 has increased valuations, so much is riding on the upcoming earnings season.

The Dow Jones Industrial Average rose 216.90 points, or 0.58 per cent, to 37,683.01, the gained 66.30 points, or 1.41 per cent, at 4,763.54 and the climbed 319.70 points, or 2.20 per cent, to 14,843.77.

The MSCI world equity index, which tracks shares in 49 nations, gained 0.89 per cent, while European stocks ended up 0.4 per cent.

In energy, US crude fell US$3.04, or 4.1 per cent, to settle at US$70.77 a barrel, while Brent crude fell US$2.64, or 3.4 per cent to settle at US$76.12.

Saudi Arabia on Sunday cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. Meanwhile, geopolitical tensions were also on the radar as disruptions in the Red Sea raised shipping costs in Europe, while the Israeli conflict with Hamas threatened to spread to Lebanon.

In afternoon trading, the benchmark 10-year Treasury yield was down three basis points (bps) at 4.011 per cent.

The dollar dropped 0.3 per cent against the yen to 144.21, while the US dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was down 0.2 per cent at 102.28.

Fed funds futures traders are pricing in rate cuts beginning in March, though the odds of a move that soon have fallen.

Friday's data gave a mixed picture: a Labour Department report showed US employers hired more workers than expected in December, while a survey from the Institute for Supply Management (ISM) showed activity in the services sector fell in December.

In the precious metals market, gold prices fell to a three-week low. ― Reuters