Stock market today: Dow, S&P 500 surge as stocks mount a comeback from

US stocks rebounded on Monday on the heels of the S&P 500’s worst week since early 2023, as inflation came back into focus for investors gauging pressures that could influence the size of interest-rate cuts.

The S&P 500 (^GSPC) climbed 1%, coming off a drop of 1.7% for the benchmark as major US gauges closed with hefty losses. The Dow Jones Industrial Average (^DJI) jumped 0.8%, or more than 250 points, while the tech-heavy Nasdaq Composite (^IXIC) led the advance with a roughly 1.23% gain.

Stocks were on pace to regain some of the ground they lost after the August jobs report failed to settle a key question: How aggressively will the Federal Reserve lower interest rates? The neither-hot-nor-cold data left Wall Street guessing whether a cut of 25 or 50 basis points is likely at this month’s policy meeting.

At the same time, comments by Fed officials appeared to tilt the market in favor of a 0.25% cut by suggesting that incoming data would have to support the need for larger and further easing.

Focus is now on a fresh consumer inflation print due Wednesday to provide clues to the path of rates. The reading on price pressures will be followed by a producer inflation report on Thursday, the last inflation inputs before the Fed’s policy decision on Sept. 18.

The corporate highlight of the week is Apple’s (AAPL) annual iPhone event, which kicks off on Monday. It’s expected to launch its iPhone 16 line and provide an update on Apple Intelligence AI features, both closely watched as the likes of Huawei challenge the “Magnificent Seven” tech megacap in the market.

Live2 updates

Mon, September 9, 2024 at 10:01 AM EDT

Greetings from San Francisco

Hello from the Goldman Sachs Tech + Media conference in San Francisco! The Yahoo Finance team is live today and tomorrow with some very big interviews, kicking off this morning with Goldman’s chief economist Jan Hatzius and later on AMD (AMD) CEO Dr. Lisa Su.

This conference comes at an interesting time in markets — one where investors are looking for reasons to sell high beta AI plays such as darling Nvidia (NVDA).

For me, I will be aiming to ascertain whether these sell-offs are overdone based on comments from execs on demand trends. When I talked with Dell (DELL) founder and CEO Michael Dell last week, I didn’t get the sense demand was softening very much if at all.

Some more of those upbeat vibes here at this market-moving conference may be rather helpful in getting the tech trade back on more stable footing.
Mon, September 9, 2024 at 9:31 AM EDT

Stocks rebound following worst week of the year

Stocks rebounded on Monday on the heels of the S&P 500’s worst week since early 2023, as investors gauge the size of interest-rate cuts the Federal Reserve could implement later this month.

The S&P 500 (^GSPC) rose 0.7% following a drop of 1.7% for the benchmark on Friday. The Dow Jones Industrial Average (^DJI) jumped 0.6%, while the tech-heavy Nasdaq Composite (^IXIC) increased roughly 0.9%.

The major averages are coming off a steep sell-off during September’s first week of trading where semiconductor stocks led the declines.

Nvidia (NVDA) which had fallen 4% on Friday, opened nearly 2% higher on Monday as chip stocks advanced.

Investors are paying close attention to Apple’s (AAPL) annual iPhone event, which kicks off on Monday.

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Greetings from San Francisco

Stocks rebound following worst week of the year