Stock market today: Nasdaq rises, Dow falls in whipsaw trading action as inflation report looms

Published On Sep 10, 2024, 3:00 PM

US stocks experienced a mixed trading session on Tuesday, with the S&P 500 and Nasdaq Composite closing higher by about 0.5% and 0.9%, respectively, while the Dow Jones Industrial Average fell by 0.2%. Investors are anticipating a crucial consumer inflation report that may influence the Federal Reserve's interest rate decisions. JPMorgan Chase's stock dropped around 5% following a warning about overestimated net interest income forecasts. Oil prices also tumbled after OPEC reduced its demand growth forecast for 2024 and 2025, with WTI and Brent crude trading at their lowest levels since December 2021. Meanwhile, Oracle's shares surged over 10% thanks to strong earnings from cloud services, while Apple's stock fell about 1% after losing a court case regarding a tax bill.

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Stock Forecasts

ORCLView ORCL chart on TradingView

Positive

Investors should consider technology stocks, particularly Oracle, which has shown strong financial performance and growth in cloud services. The positive earnings report might continue to bolster investor confidence in tech stocks, especially as demand in this sector remains robust.

XLEView XLE chart on TradingView

Negative

Investor sentiment regarding oil could be bearish due to lowered demand growth forecasts from OPEC, which suggests that oil prices may continue to struggle. Companies heavily involved in the oil sector, like those within the energy ETF XLE, may face declines as overall market conditions worsen for oil.

JPMView JPM chart on TradingView

Negative

JPMorgan Chase's significant drop in stock price indicates potential short-term risk in financials, especially with market uncertainty surrounding interest rates. This environment may dissuade investors from holding or buying into JPM stocks until clarity on Fed rate actions emerges.

AAPLView AAPL chart on TradingView

Negative

Apple's recent challenges, including a court ruling over a tax bill and underperformance in its latest product launch, may result in decreased investor confidence. The stock might remain under pressure as these issues could hinder growth prospects.

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