S&P 500 enjoys its best September since 2013
Main U.S. indexes end slightly green; S&P 500 up ~0.4%
Energy leads S&P sector gainers; Materials weakest group
Dollar gains; crude edges up; gold off ~1%; bitcoin down >3%
U.S. 10-Year Treasury yield rises to ~3.79%
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
S&P 500 ENJOYS ITS BEST SEPTEMBER SINCE 2013
Wall Street's main indexes ended slightly positive in choppy trading on Monday as investors paused after the previous week's rally and exercised caution ahead of numerous job reports and comments through the week from Federal Reserve policymakers, including Chair Jerome Powell.
Fed Chair Powell said Monday he sees two more interest rate cuts, totaling 50 basis points, this year as a baseline "if the economy performs as expected," though the Fed could cut faster if needed, or slower.
The CME's FedWatch Tool is still showing a bias for the Fed funds rate to be in the 4.00%-4.25% area with the Fed's December 17-18 meeting vs the current target rate of 4.75%-5.00%.
Stocks weakened slightly in the aftermath of Powell's remarks before they recovered and ended with modest gains.
Most S&P 500 .SPX sectors ended higher with energy .SPNY posting the biggest gain, while just materials .SPLRCM and consumer discretionary .SPLRCD finished down. That said, action was subdued with no one sector posting an absolute change of more than 0.83%.
With this, the S&P 500 and Dow .DJI scored record closing highs. Industrials .SPLRCI and utilities .SPLRCU also ended at record closing highs.
The Nasdaq composite .IXIC still down around 2.5% from its record highs.
Under the surface, regional banks .KRX were a clear outperformer, while gold stocks .HUI were on the weak side.
In any event, markets are also eyeing the Middle East as indications grew on Monday that Israel was on the verge of sending ground troops into Lebanon.
With the headlines, NYMEX crude futures CLc1 are now just slightly higher, while the U.S. 10-year Treasury yield US10YT=RR is rising around 4 basis points to the 3.79% area.
Of note, for the month of September, the SPX rose 2%. With this, the benchmark index posted its best September since 2013. It is now up five straight months, as well as four quarters in a row.
Here is a snapshot of where markets stood just shortly after 1600 EDT/2000 GMT:
(Terence Gabriel)
*****
FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
CRYPTO SECTOR POSTS INFLOWS FOR THIRD STRAIGHT WEEK - CLICK HERE
WHAT SECTORS AND STOCKS WILL BENEFIT FROM TRUMP OR HARRIES VICTORY -CLICK HERE
MIDWEST FACTORY ACTIVITY CONTRACTION DECELERATES, SLIGHTLY - CLICK HERE
WALL STREET DOWN AHEAD OF FED'S POWELL, JOBS DATA - CLICK HERE
NASDAQ COMPOSITE: RED FLAG WARNING? - CLICK HERE
HOLD YOUR HORSES ON LUXURY SECTOR AFTER CHINA STIMULUS - CLICK HERE
FTSE 100 SHOULDN'T FEAR THE STRONG POUND - CLICK HERE
SLIDING AUTOS SECTOR WEIGHS ON STOXX AFTER PROFIT WARNINGS - CLICK HERE
EUROPE SET FOR CAGEY START; AUTOS IN FOCUS - CLICK HERE
NIKKEI RETREATS, CHINA RALLIES - CLICK HERE
Closer09302024 https://tmsnrt.rs/4gEeL78
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
</body></html>Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
