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

Published On Sep 10, 2024, 7:03 AM

In a mixed trading session on Tuesday, U.S. stocks showed volatility as investors braced for a key consumer inflation report that could influence the Federal Reserve's interest rate decisions. The S&P 500 gained roughly 0.5%, and the Nasdaq rose about 0.9%, while the Dow dipped 0.2%. JPMorgan Chase's share prices dropped around 5% after the bank adjusted its net interest income forecasts downward. Oil prices fell significantly after OPEC reduced its demand growth forecast for 2024 and 2025, with West Texas Intermediate dropping over 3% to about $66 per barrel. Investors are anticipating the inflation data and the outcome of the upcoming presidential debate, which could add to market volatility.

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Stock Forecasts

AAPLView AAPL chart on TradingView

Positive

The consumer price index due tomorrow is expected to show inflation easing slightly and could bolster the Fed's case for cutting rates. If the inflation rate aligns with predictions, it could support a positive sentiment towards tech stocks.

ORCLView ORCL chart on TradingView

Positive

Despite a positive earnings report, Oracle’s surge may be temporary; investors should consider their entry point as the tech sector could see fluctuations ahead of further economic data releases.

XLEView XLE chart on TradingView

Negative

The significant drop in oil prices indicates a weakened demand outlook which may hurt energy stocks in the short term. Traders may want to be cautious as the sector could continue to struggle due to revised demand forecasts.

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