Wall Street Today | Market Climbs But Tech Pulls Back
Happy Monday, September 16th. The market climbed but tech fell, as all eyes looked toward the FOMC September macro decision event on Wednesday. The $S&P 500 Index (.SPX.US)$ climbed 0.13%, and the $Dow Jones Industrial Average (.DJI.US)$ fell 0.55%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.52%.
On the 18th, just past 2 pm ET, investors will hear if the Fed will cut back the target Federal Funds Rate and by how much. Over the weekend, there was yet another apparent attempt on Former President Trump's life, foiled again by the Secret Service in Florida.
MACRO
In macro, investors are looking toward the Wednesday FOMC Monetary Policy meeting, where the Treasury Futures market expects rate cuts, according to the CME FedWatch tool.
On Monday, Former President of the New York Federal Reserve Bill Dudley wrote in Bloomberg Opinion that the FED should go for larger cuts on Wednesday.
"As I noted last Friday at a Bretton Woods Committee conference in Singapore, the logic supporting a 50-basis-point cut is compelling," he wrote. "The two objectives of the Fed’s dual mandate — have come into much closer balance, suggesting that monetary policy should be neutral. Yet short-term interest rates remain far above neutral. This disparity needs to be corrected as quickly as possible."
SECTORS
Within industries tracked by moomoo, Consumer Electronics and semiconductor-related stocks fell alongside Internet Retail, pulling down the tech sector of the S&P 500.
$Crude Oil Futures(DEC4) (CLmain.US)$ climbed 2.26% after an oil pipeline in Texas sprung a leak and fire. $Bitcoin (BTC.CC)$ fell a bit to $57k, gold and silver climbed. The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell, the two-year reaching a price not seen since a momentary drop in 2023, and 2022.
MOOVERS
Trump Media $Trump Media & Technology (DJT.US)$ fell 3.84% after a gunman with a scoped rifle came within 400 yards of Trump again on Sunday, and luckily, no one was hurt. Early investors in the SPAC merger deal that brought the company public will be able to trade their locked-up stocks after Sept. 19th, Thursday. Trump canceled plans to speak about the launch of a crypto project after the apparent attempt at this life.
$Upstart (UPST.US)$ stock fell -7% after the firm said Monday it plans to offer $300 million in convertible senior notes due 2029 through a private placement. The company said that initial buyers would likely have an option to purchase up to an additional $45 million.
$Apple (AAPL.US)$ stock dropped 3% Monday after analysts said that demand for the new iPhone might be soft, particularly in China. "Early preorder data from China points to a softer start to the IP16 cycle, with a negative mix shift due to weakening consumer spend, macro pressure, and competition," A Long wrote.
$Intel (INTC.US)$ shares are surging 7% following reports that the company is set to qualify for up to $3 billion in federal funding to produce semiconductors for U.S. military applications. The potential grant, part of the CHIPS and Science Act's Secure Enclave program, aims to secure a domestic supply of advanced chips critical for defense and intelligence.
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Word from the herd: Mooers, what are you watching?
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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