Wall Street ended the first session of the week with gains outweighing losses on the main indexes. Attention now turns to the US Federal Reserve (Fed) meeting, which starts this Tuesday and continues until Wednesday, the 18th. The Fed is expected to announce on Wednesday the long-awaited cut in the country’s key interest rates – if confirmed, it will be the first in four years. Now it remains to be seen how aggressive the cuts will be.
The S&P 500 gained 0.13% to 5,633.09 points and the Dow Jones added 0.55% to 41,622.08 points. The Nasdaq Composite stood out from the gains, falling 0.52% to 17,592.13 points.
Meanwhile, bets on a 50 basis point cut by the Fed continued to grow. “This week, absent an act of God, we’re going to see a rate cut,” Callie Cox of Ritholtz Wealth Management told Bloomberg. She added that “the economic impact of a rate cut — whether it’s 25 or 50 basis points — is likely to be negligible. The path and degree of cuts over the next year (…) will be the most important thing.”
Among the main market movements, the following stood out: Intel, which soared more than 6% to $20.91 per share. The techhorsegica North American has qualified for up to $3.5 billion in federal grants to manufacture semiconductors for the Pentagon, sources familiar with the matter told Bloomberg.
Despite a slight change in the S&P 500 on Monday, most of the index’s listed companies gained ground. This was largely due to weakness in the tech giants that dominate the U.S. benchmark.
Tech giants like Nvidia and Microsoft have led the gains for much of the past two years, with investors drawn to their rising profits and exposure to artificial intelligence. However, since the S&P 500 hit its “peak” on July 16, the so-called “Magnificent Seven” have mostly fallen. “Since tech stocks peaked in July, the winners have been the remaining 493 stocks in the S&P 500,” Paul Nolte of Murphy & Sylvest Wealth Management told Bloomberg.
Between aces “big tech“, a Apple skidded 2,78%, a Nvidia it lost 1,95% e a Amazon devalued 0,86%. On the other hand, leading the gains was Meta, which advanced 1.75%followed by Alphabetwhich grew by 0.39% and Microsoft, which earned 0,17%.
Source: www.jornaldenegocios.pt
