Stock market today: S&P 500, Dow futures slip as inflation report looms

Published On Sep 10, 2024, 7:03 AM

US stocks had a mixed day, with the S&P 500 and Nasdaq both closing up slightly, while the Dow finished down due to a drop in JPMorgan Chase's shares after the bank forecasted lower net interest income. Oil prices fell sharply after OPEC downgraded its demand growth forecasts for the coming years. Upcoming inflation reports are keeping investors cautious, as they will influence the Federal Reserve's interest rate decisions. Key earnings reports are also on the horizon, indicating that while short-term volatility is prevalent, there's a potential for growth in the longer term.

Stock Forecasts

The market remains mixed but could shift positively if the upcoming inflation report indicates lower inflation, which may prompt the Federal Reserve to pursue rate cuts. This would lead to increased liquidity in the markets and potentially lift stock prices.

Due to JPMorgan's disappointing forecast and the ongoing pressures in the banking sector, the outlook on financials remains negative, impacting broader market sentiment.

With OPEC lowering demand growth forecasts and crude prices dropping sharply, companies within the energy sector may struggle in the coming weeks, suggesting a negative outlook for energy stocks.

Oracle reported strong earnings and demand for cloud services, presenting a positive growth outlook which is likely to continue, providing bullish sentiment around its stock price.

Apple faces regulatory fines and disappointing product launches which may weigh negatively on its stock in the near term, although long-term fundamentals remain strong.

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