Stock market today: S&P 500, Dow poised to lose hold of hefty gains as inflation report looms
Published On Sep 10, 2024, 7:03 AM
US stocks had a mixed close with the S&P 500 and Nasdaq gaining while the Dow Jones fell following concerns about looming interest rate cuts and recession risks. Notably, JPMorgan Chase's stock declined sharply after the bank lowered its net interest income forecasts. The oil market also took a hit, with prices dropping significantly after OPEC reduced its demand growth forecasts. Investors are keenly awaiting an upcoming inflation report which could influence the Federal Reserve's decision on interest rates. Companies like Oracle performed well with strong earnings, whereas Apple's shares fell after legal setbacks and disappointing product features were reported.
Stock Forecasts
XLE
Negative
Given the significant drop in oil prices and OPEC lowering demand growth forecasts, energy stocks are likely to struggle and could see continued downward pressure in the near term.
ORCL
Positive
Oracle's recent performance and partnership with Amazon highlights a strong demand for cloud services, pointing towards potential further gains for its stock as the cloud computing market expands.
JPM
Negative
JPMorgan's stock could continue to face headwinds following its outlook on net interest income, which may create concerns among investors about its profitability in the near future.
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