US stocks mostly rise ahead of inflation data
Sign up now: Get ST's newsletters delivered to your inbox
Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
Follow topic:
NEW YORK - Wall Street stocks mostly rose on Sept 10, ahead of key US inflation data and a hotly contested presidential debate.
Markets are eyeing Sept 11’s consumer price index report, with the Federal Reserve having signalled a likely interest rate cut later in September in light of moderating inflation.
Investors are also anticipating the first, and perhaps only, debate between Vice-President Kamala Harris and former president Donald Trump, which will take place on the night of Sept 11 in Philadelphia.
The debate “could potentially move the market a little bit but the uncertainty is not going to go away tonight,” said Mr Tom Cahill, of Ventura Wealth Management.
The Dow Jones Industrial Average finished down 0.2 per cent at 40,736.96.
The broad-based S&P 500 gained 0.5 per cent to 5,495.52, while the tech-rich Nasdaq Composite Index gained 0.8 per cent to 17,025.88.
The Dow’s losers included JPMorgan Chase and Goldman Sachs, which dropped 5.2 per cent and 4.4 per cent, respectively following commentary about their banks’ financial performance that disappointed investors.
Boeing was another weak link, falling 1.7 per cent amid worries that a machinists union will reject a new contract with the company and vote to strike.
Apple declined 0.4 per cent after the European Court of Justice ruled that the iPhone maker must pay €13 billion (S$18 billion) in back-taxes to Ireland.
Oracle jumped 11.4 per cent after reporting better than expected earnings. Revenues rose 7 per cent, boosted by gains in the cloud services business. AFP
