U.S. stocks rebounded on Monday, recovering from their worst week in nearly 18 months. The S&P 500 rose 0.9%, with the Dow Jones Industrial Average up 194 points, and the Nasdaq gaining 1.1%. Boeing shares surged after reaching a tentative deal with its largest union, potentially avoiding a strike. Palantir Technologies saw a 10.5% jump after being added to the S&P 500 index. Meanwhile, Apple shares edged slightly lower ahead of its iPhone 16 launch. Wall Street remains focused on upcoming inflation reports and concerns about a potential recession. Overseas, European markets gained, while Asian indexes dropped amid weaker-than-expected economic data.
QUICK READ
- U.S. stocks rise on Monday, rebounding from a tough week.
- S&P 500 up 0.9%, Dow Jones gains 194 points, Nasdaq increases by 1.1%.
- Boeing shares jump 4% after a tentative labor deal with its largest union, avoiding a strike.
- Palantir Technologies surges 10.5% after being added to the S&P 500 index.
- Apple’s stock dips 0.1% ahead of the iPhone 16 launch event.
- Big Lots trading halted as the company files for Chapter 11 bankruptcy.
- Focus remains on upcoming U.S. inflation data and recession concerns.
- European markets post gains, while Asian markets drop on weaker economic data from Japan and China.
Wall Street rebounds after tough week, gains on Monday
NEWSLOOKS – NEW YORK (AP) —
U.S. stocks bounced back Monday, recovering some of the ground lost during their worst week in nearly 18 months. The S&P 500 rose 0.9%, breaking a four-day losing streak. Meanwhile, the Dow Jones Industrial Average climbed 194 points, or 0.5%, and the Nasdaq composite gained 1.1% in early trading.
Boeing surged 4% after reaching a tentative agreement with its largest union, potentially avoiding a strike that could have halted aircraft production. The deal, pending ratification, promises pay raises of 25% over the next four years for 33,000 workers represented by the International Association of Machinists and Aerospace Workers.
In the bond market, yields held steady following last week’s sharp fluctuations, which were triggered by a disappointing U.S. job market update that deepened concerns about an economic slowdown. The Federal Reserve is expected to lower interest rates later this month in a shift away from combating inflation toward protecting the job market and preventing a recession. The 10-year Treasury yield edged up slightly to 3.73% from 3.72% late Friday.
Apple shares slipped 0.1% ahead of the unveiling of its latest iPhone model, the iPhone 16, tailored for artificial intelligence improvements, including an upgrade to its virtual assistant, Siri.
Palantir Technologies jumped 10.5% after being added to the S&P 500 index, while Dell Technologies gained 5.3%, and Erie Indemnity rose 2.3% on similar news.
Big Lots saw its trading halted after the discount retailer filed for Chapter 11 bankruptcy protection and announced plans to sell its assets to private equity firm Nexus Capital Management.
This week, Wall Street will keep an eye on key inflation reports, though updates on the job market are now viewed as more crucial indicators of a potential recession. However, an unexpected spike in inflation could force the Federal Reserve into a difficult position, balancing lower rates with inflation concerns.
Overseas, European markets saw gains, while Asian markets struggled. Japan’s Nikkei 225 slipped 0.5% after a downward revision of second-quarter growth, and Chinese markets dropped following weaker-than-expected inflation data, with Hong Kong falling 1.4% and Shanghai 1.1%.
You must Register or Login to post a comment.