US stocks began the week on a strong note, with all major indices and sectors in the S&P 500 ending the morning in the green. This positive sentiment follows a challenging week for Wall Street, marked by its worst performance of the year. Investors are feeling optimistic, fueled by anticipation for Apple Inc.’s highly anticipated event and the release of key inflation data for August, expected on Wednesday.
Economists are predicting a slowdown in the headline inflation rate, dropping from 2.9% in July to 2.6% year-over-year in August. This would be the lowest inflation level since March 2021. A lower inflation reading could reinforce market expectations for a more aggressive rate-cut cycle from the Federal Reserve.
Airline stocks led the industry charge, with the U.S. Global Jets ETF JETS experiencing a 2.6% rise, recovering from losses incurred last month. In the semiconductor space, Palantir Technologies Inc. PLTR surged 13%, marking its best one-day rally since February. The surge was triggered by news of the company’s inclusion in the S&P 500 index.
Commodities also gained ground despite a 0.3% increase in the U.S. dollar. Oil prices climbed 1.6% due to production shutdowns in the Gulf of Mexico caused by storm warnings. Gold edged up 0.2%, and silver rose 1.3%. In the cryptocurrency market, Bitcoin BTC/USD jumped 2.8%, marking its third consecutive session of gains.
Here’s a breakdown of the key indices and ETFs performance for the day:
*
Dow Jones:
40,984.61 (up 1.6%)*
Nasdaq 100:
18,691.03 (up 1.5%)*
S&P 500:
5,484.48 (up 1.4%)*
Russell 2000:
210.16 (up 1.1%)*
SPDR S&P 500 ETF Trust SPY:
$547.30 (up 1.3%)*
SPDR Dow Jones Industrial Average DIA:
$410.13 (up 1.5%)*
Invesco QQQ Trust Series QQQ:
$448.38 (up 1.4%)*
iShares Russell 2000 ETF IWM:
$210.10 (up 1.1%)*
Financials Select Sector SPDR Fund XLF:
Up 2%*
Consumer Discretionary Select Sector SPDR Fund XLY:
Up 1.8%Other notable market movements included:
*
Moderna Inc. MRNA:
Surged 7% after its manufacturing facility in Laval, Quebec, received a Drug Establishment License (DEL) from Health Canada. This certification signifies the facility meets strict safety and quality standards, granting it authorization to produce drug substances.*
MicroStrategy Inc. MSTR:
Soared 9.3% in response to Bitcoin’s surge.*
Arm Holdings Plc ARM:
Rallied 7% after reports indicated that its AI chip technology will be integrated into Apple’s upcoming iPhone 16.The positive market sentiment suggests investors are looking ahead with optimism, driven by the potential for a slowdown in inflation and the upcoming Apple event.
