Although historical data shows that September was a negative month for equities, the three indices of the New York market are on track to close the month with a positive balance.
He S&P 500 and the Nasdaq Composite They are making steady progress in Wall Streetwhile the industrial average Dow Jones gains 37 points, or 0.1%. Both the Dow and S&P 500 hit new records in early trading.
The stock market is up, driven by the utilities sector, which as a whole climbed 0.4%, followed by the technology sector, which climbed 0.3%. The utilities sector is a category of the economy that includes companies that provide essential services such as electricity, natural gas, water and sanitation, and in some cases, telecommunications.
These companies generally operate under a regulated model due to the importance of their services and their monopolistic nature in many cases, since the infrastructures necessary to provide these services usually require large investments and long-term maintenance.
The actions of Hewlett Packard Enterprise up more than 5% after an upgrade from Barclays, which cited strong demand for AI-powered data centers as a positive catalyst. Shares in German software company SAP fell more than 2% after news that the company was under investigation by the U.S. Department of Justice.
All three major indexes are on track to close September in the black, although fears of an economic slowdown persist following the Federal Reserve’s rate cut last week.
Rate cuts and Wall Street
Now that the central bank has begun to lower interest rates, the economy is gaining greater prominence for investors.
wall street markets stock exchanges
NYSE
“I’m going to continue to buy this rally until jobless claims start to rise, until earnings start to slow, really until growth is an issue. And I think we’re going to see a very volatile market between those growth and slowdown narratives until that point,” Lauren Goodwin, chief market strategist at New York Life Investments, said Tuesday on CNBC’s “Closing Bell.”
Upcoming economic data include new home sales for August, due Wednesday morning, and weekly jobless claims on Thursday.
Source: Ambito
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