Wall Street’s main stock exchanges ended the session higher, in a week in which a recovery in stocks has already seen the S&P 500 index grow by 1.3 billion dollars, equivalent to 1.17 billion euros at the current exchange rate, in market capitalization.
The S&P 500 gained 0.69% to 5,592.73 points. The Nasdaq Composite jumped 1% to 17,569.68 points. The Dow Jones Industrial Average advanced 0.58% to 41,096.77 points.
Investors were digesting the latest economic data. The U.S. producer price index rose slightly (0.2%) in August after the previous month’s figure was revised downward.
Unemployment benefit claims also stood at 230,000. This scenario of a fragile labor market and economy appears to be reinforcing the expectations for a 25 basis point cut in the key rate by the US Federal Reserve (Fed) at its two-day meeting ending on September 18, after the European Central Bank decided on Thursday to reduce its key interest rate by 25 basis points.
On the table is still the hypothesis, albeit more reduced, of a 50 basis point cut for the market.
Among the main market movements, the shares of pharmaceutical company Moderna stood out, which fell by more than 12%, the biggest drop since it joined the S&P 500, after the vaccine manufacturer predicted sales for 2025 well below market expectations.
Within the communications sector, Warner Bros Discovery rose more than 10% with the news that Charter Communications will start providing an ad delivery system to the brand. Charter shares added 3%.
On the downside, technology company Micron fell by more than 3%,following a downward revision of the target price for the semiconductor maker’s shares by Exane, BNP Paribas’ research house.
Source: www.jornaldenegocios.pt
