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European stocks close higher as sentiment remains cautious; Saab, Siemens Energy climb

Jenni Reid

This was CNBC's live blog covering European markets.

European markets kicked off the new trading week higher, as investors continued to monitor corporate earnings and the interest rate outlook.

The pan-European Stoxx 600 closed 0.5% higher, with major bourses and almost all sectors in positive territory. Retail stocks led gains, up by 1.4%.

European markets


Food delivery firm Just Eat was the top performer, up 8.8% after Deutsche Bank raised its target price on the stock.

Swedish defense firm Saab climbed 5.5%, continuing to gain momentum from strong fourth-quarter results posted Friday, while Siemens Energy was up 5.7% on its own ratings upgrades from several analysts. It comes after the renewables firm posted a swing to profit and higher orders.

After a strong end to January, the regional Stoxx index has recorded a muted February so far. That's despite big movements in individual stocks, as company results roll in. This week will see reporting from European businesses, including Heineken, Airbus, Renault, NatWest and Commerzbank — along with the likes of Sony, Coca-Cola and Airbnb, globally.

Investors may pay particular attention to consumer stocks and what they suggest about the strength of certain economies, as central banks monitor the state of growth and inflation.

Many major Asia-Pacific stock markets were closed on Monday for the Lunar New Year, while Chinese markets are shut for the week.

U.S. stocks nudged higher on Monday, building on their strong performance from last week. The U.S. consumer price index will be released Tuesday.

U.S. stocks little changed

U.S. stocks hovered near the flatline Monday following a record-setting week for the S&P 500. 

The Dow Jones Industrial Average was up 0.1% in early deals, while the S&P 500 and the Nasdaq Composite were both flat.

— Karen Gilchrist

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Europe stocks open higher

European stocks opened Monday higher, though sector and stock gains were cautious.

France's CAC 40 index gained 0.4%, while Germany's DAX was up 0.3% and the U.K.'s FTSE 100 was flat.

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Stoxx 600 index.

— Jenni Reid

CNBC Pro: Here's how to create a diversified bond portfolio with up to 6% yield, according to the pros

Rising yields were one of last year's major themes as bonds crept into a bear market.

Yields have since dropped and many have called for investors to return to bonds as prices are expected to recover soon.

Falling yields may prompt investors to wonder which corners of the fixed income market still offer higher yields of up to 6%.

CNBC Pro subscribers can read more here.

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The S&P 500 could end the year at 5,500, says InfraCap's Jay Hatfield

The S&P 500 notched a record high this week, closing above the key 5,000 mark on Friday afternoon. But Infrastructure Capital Advisors' Jay Hatfield believes that the index still has room to go in 2024.

Hatfield's year-end target for the broader index is 5,500, corresponding to a potential 9% rise. In the near term, however, he believes that the market will remain largely stagnant while investors wait for the Federal Reserve to begin cutting rates.

"I don't think we're just going to infinitely and quickly go to 5,500," he told CNBC. "Our guess is that we stall out somewhere around 5,000 or 5,100 until we have greater clarity on both a Fed and ECB rate cut most likely in June, but possibly in May," he told CNBC.

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