Moovin Stonks | Market on the Rise, Meme Stocks Climbing
Good morning, traders. Happy Monday, September 9th. The market is climbing after last week's rough start to September. My name is Kevin Travers; here are stories about the U.S. stock market today.
$Palantir (PLTR.US)$ climbed 12% Monday after the joint S&P Dow Jones Indices group announced the firm would replace $American Airlines (AAL.US)$ on the S&P 500 before Sept. 23. It was not the only stock swap: $Dell Technologies (DELL.US)$ will replace $Etsy Inc (ETSY.US)$, and climbed 4%, and $Erie Indemnity (ERIE.US)$ would replace $Bio-Rad Laboratories (BIO.US)$ .
$Moderna (MRNA.US)$ climbed 5% after early data from a phase 1/2 study of mpox vaccine on monkeys proved more effective than competitor Bavarian Nordic.
Within industries tracked by moomoo, "WallStreetBets" stocks climbed 5%. Palantir led the way, but other meme stocks like $Tilray Brands (TLRY.US)$, $MARA Holdings (MARA.US)$, and $Trump Media & Technology (DJT.US)$ climbed 5%. Bitcoin stocks are climbing despite month-low prices, Trump stocks are heating up before the presidential debate Tuesday night, and Weed stocks are rising after Trump joined the Biden admin in aiming to reschedule cannabis to Schedule III in a post on Truth social Monday.
$Crude Oil Futures(NOV4) (CLmain.US)$ climbed a little after reaching lows not seen from 2023.
$Bitcoin (BTC.CC)$ hovered near $54k, a one-month low. Gold pulled back below $2,500 after breaking through that historic level in August. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed at 3.67, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed at 3.7.
The market advanced on Monday, into the last month in Q3.
Just past 11:16 am ET the $S&P 500 Index (.SPX.US)$ traded up 0.51% the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.84%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.30%.
This week in macro, investors are waiting for slimmer pickings during the blackout period for Fed press commentary. FOMC members are barred from making public statements during the one-week leadups to FOMC meetings. OPEC+ will release a monthly report on Tuesday; CORE CPI will drop on Wednesday for August. PPI and initial jobless claims will fall on Thursday.
Last week, just before the blackout began in the lead-up to the FOMC September 17-18th rate decision meeting, investors also got word from New York Fed President John Williams Friday that it is time to cut rates.
Speaking toward the Council on Foreign Relations, Williams said the economy is balanced, and inflation is tracking lower, and "it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate."
Last Friday, the economy added 142k nonfarm payrolls last week, and the Unemployment rate landed at 4.2% in August, according to the Bureau of Labor Statistics. Payrolls were below expected by 20k, but fit the narrative of softening labor in the U.S. that investors have come to expect.
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Last week, users said all the news this year has stunk, and one user said rate cuts will not affect stocks directly, so good luck if you are a bag holder.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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BigJeff52 : leave interest rates alone for now
Banana Milk : Good morning mate
103539497 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
102181510 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Kevin Travers OP Banana Milk : mornin brother
Space Dust : Wheeler went from 1-15 in 36 hours.. that should have more play, and how to find those..
it's what gets people interested in stocks to begin with..
152348192 ms : possibly change of mind,