Stock market today: Dow, S&P 500 gear up for recovery after steep losses

Published On Sep 9, 2024, 6:58 AM

US stocks showed a rebound on Monday, recovering from significant losses in the previous week. The S&P 500 increased by about 1.2%, and other indices like the Dow and Nasdaq followed suit. Key driving sectors included Financials, Industrials, and Energy, with tech giants such as Nvidia, Tesla, and Amazon making substantial gains. Investors are closely watching upcoming inflation data expected this week, which will influence the Federal Reserve's decisions on interest rate cuts. Additionally, Apple launched several new products, including the iPhone 16, which had little immediate impact on its stock price.

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Stock Forecasts

SPYView SPY chart on TradingView

Positive

The rebound in the stock market, particularly among leading sectors and tech giants, suggests a stabilizing trend as investors anticipate potential rate cuts. However, the upcoming inflation reports might introduce volatility depending on the outcome.

NVDAView NVDA chart on TradingView

Positive

Nvidia's recovery after a prior decline indicates strong investor interest and potential growth in the AI sector, which is critical for tech performance. This momentum is likely to continue as demand for AI technology remains high.

TSLAView TSLA chart on TradingView

Positive

Tesla has also shown resilience and growth as the EV market recovers, though consumer sentiment appears to be cooling regarding electric vehicles. Thus, while short-term gains may continue, the long-term outlook is cautious.

XLFView XLF chart on TradingView

Positive

The broader market's focus on inflation and interest rate changes, coupled with positive performance in energy and financial stocks, paints a generally optimistic view, though risks remain ahead of key economic announcements.

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