US markets closed with a mixed performance on Monday, September 16, with the S&P 500 ending the day slightly higher while the Nasdaq took a dip. The technology sector took the brunt of the decline, driven by a slump in Apple’s stock price. Apple’s shares fell on the back of lower-than-expected demand for the new iPhone 16, sending ripples through the chipmaking industry, dragging down the semiconductor index. This decline was felt by companies like Nvidia, Broadcom, and Micron.
Despite the tech downturn, some encouraging news emerged on the economic front. The New York Empire State Manufacturing Index, a key indicator of manufacturing activity in the region, soared to 11.5 in September, marking its highest level since April 2022. This impressive jump surpassed both August’s -4.7 reading and economists’ forecast of -3.9.
Looking at the broader market picture, the majority of S&P 500 sectors closed in the green, led by communication, financials, energy, and materials. On the other hand, information technology and consumer discretionary stocks saw declines. The Dow Jones Industrial Average ended the day up 0.55%, closing at 41,622.08. The S&P 500 closed 0.13% higher at 5,633.09, while the Nasdaq Composite rose 0.52% to finish the session at 17,592.13.
Across the globe, Asian markets traded mixed on Tuesday. Japan’s Nikkei 225 closed the session down 1.03% at 36,204.50, with losses concentrated in the Gas & Water, Services, and Pharmaceutical Industry sectors. Australia’s S&P/ASX 200 ended the day higher by 0.24% at 8,140.90, driven by gains in the IT, A-REITs, and Industrials sectors. India’s Nifty 50 was up 0.12% at 25,414.65, while the Nifty 500 was down 0.01% at 23,968.25. China markets were closed for the Mid-Autumn Festival holiday. In Hong Kong, the Hang Seng index closed the day higher by 1.37% at 17,660.02.
European markets opened the session higher. As of 5:45 AM ET, the European STOXX 50 index gained 0.86%. Germany’s DAX was up 0.81%, France’s CAC rose 0.79%, and the UK’s FTSE 100 traded higher by 0.77%.
Turning to commodities, crude oil prices held steady after a surge in the previous session. WTI crude oil was down 0.42% at $68.72/bbl, and Brent crude fell 0.51% to $72.39/bbl. Traders are balancing concerns over potential disruptions to US production due to Hurricane Francine with falling US crude stockpiles and weaker demand in China. The focus is also shifting to the upcoming US Federal Reserve policy meeting, with expectations of a potential rate cut that could boost oil demand. Natural Gas remained flat at $2.2371. Gold was trading lower by 0.29% at $2,601.15, Silver fell 0.34% to $31.030, and Copper rose 0.16% to $4.2805.
US futures pointed to a positive open, with Dow futures up 0.23%, S&P 500 futures gaining 0.33%, and Nasdaq 100 Futures rising 0.54%. The US Dollar Index fell 0.13% to 100.63, USD/JPY rose 0.03% to 140.64, and USD/AUD declined 0.16% to 1.4787.
