- To begin the trading week, the Dow Jones Industrial Average (DJI) beat its two counterparts as investors shifted their focus from technology to consumer companies like banking and energy. On Monday, the 30-stock Wall Street average gained 0.7%, while the Nasdaq Composite fell more than 1% and the S&P 500 fell 0.3%. Chipmaker Nvidia (NVDA) was a significant hindrance.
- Chip manufacturers as a whole were among the greatest losses, with Super Micro (SMCI), a manufacturer of AI servers, down 8.7%. Banks including JPMorgan JPM, which finished 1.3% higher, and Goldman Sachs GS, which posted a strong 2.7% gain, were favored by money managers. The energy behemoth Chevron (CVX) increased 2.6%.
- Future economic reports, particularly the PCE (personal consumption expenditures index), will be the focus of attention. Markets will rely heavily on the data to gauge inflation, with a lower figure indicating that price pressures are fading into the distance. However, a higher number will rekindle concerns about persistent inflation and perhaps delay the Federal Reserve’s planned rate reductions.
Source:
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