Stock Market Today: S&P 500 shrugs off energy, financials slide as tech shines

Published 10/09/2024, 14:16
Updated 10/09/2024, 21:58
© Reuters
US500
-
DJI
-
CVX
-
ORCL
-
AAPL
-
XOM
-
ESZ24
-
1YMZ24
-
NQZ24
-
IXIC
-
SHEL
-

Investing.com -- The S&P 500 cut losses to close higher Tuesday, as a climb in tech helped offset weakness in energy and financials a day ahead of an important inflation report.

At 4:00 p.m. EST (2000 GMT), the benchmark S&P 500 gained 0.5%, the tech-heavy Nasdaq Composite rose 0.8%, and the 30-stock Dow Jones Industrial Average fell 92 points or 0.2%.

The mostly weaker session for stocks comes ahead of the consumer price index data for August due Wednesday.

Tech shines despite Apple wobble after EU top court ruling, iPhone 16 reveal

Tech added to recent gains to help the broader market recovery, but Apple (NASDAQ:AAPL) closed below the flatline after the European Court of Justice ruled on Tuesday that Apple must repay 13 billion euros in back taxes. The ruling overturned an earlier decision that had found in favor of the company.

The news comes a day after the Cupertino-based group unveiled its iPhone 16 on Monday,  which is due to go on sale on Sept. 20 with pre-orders available this Friday, to help reinvigorate flagging sales of the device.

Analysts said the new iPhones and AI features largely met expectations set by Apple’s earlier reveal of its plans for a push into AI, called “Apple Intelligence.”

Energy stocks follow oil prices lower

Energy stocks, down 2%, led the broader-market decline, pressured by a more than 4% slump in oil prices amid rising oversupply concerns as the demand outlook turns gloomy. 

OPEC said now now expects demand to increase by roughly 2 million barrels per day this year, down from its prior projection of 2.1 million in August. It was the second consecutive month that the producer group has made a downward adjustment to the forecast.

As well as the weaker fundamentals, adverse weather also weighed after a slew of oil companies, including Exxon Mobil (NYSE:XOM), Shell (LON:SHEL) and Chevron (NYSE:CVX), said they are moving to halt production and refining activities in the Gulf of Mexico due to Tropical Storm Francine.

The storm is expected to strengthen in the coming days, according to the National Hurricane Center.

Financials slip as Wall Street banks signal cautioned 

Wall Street banks including Goldman Sachs and JPMorgan led the broader financials sector lower after signaling a cautious outlook.

JPMorgan Chase & Co (NYSE:JPM) President Daniel Pinto said analysts forecasts for next year’s net interest income were too optimistic, sending the stock down 7%. 

Goldman Sachs Group Inc (NYSE:GS) Group Inc.’s chief David Solomon on Monday warned that the bank's Q3 trading revenue could fall 10% compared to same period a year earlier.

Oracle shares jump on guidance, Amazon (NASDAQ:AMZN) cloud deal; JetBlue shakes up board amid activist pressure

Shares in Oracle (NYSE:ORCL) rose sharply before the opening bell after the group reported better-than-expected fiscal first-quarter results and second quarter guidance, driven by strong demand for its cloud business.

The company sees fiscal Q2 earnings per share in a range of $1.42 to $1.46, well above estimates for EPS of $1.33.

JetBlue Airways Corp (NASDAQ:JBLU) cut losses to trade about flat after the airline announced that executive chairman and former chief executive Gary Kelly would retire next year as part of board shake-up following pressure from  from activist investor Elliott Investment Management.

Harris-Trump debate eyed

Vice President Kamala Harris and former President Donald Trump are set for their first presidential debate Tuesday. 

Recent polling data suggest Harris and Trump are in a neck and neck race for the White House.  

The debate is set to kick off at 9 p.m. ET.

(Scott Kanowsky contributed to this report.)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.