S&P, Nasdaq advance to start jobs report week as Powell prepares to speak

U.S. stocks faltered on Monday but were still poised for strong monthly and quarterly gains as investors waited to hear from Federal Reserve Chairman Jerome Powell ahead of the crucial monthly report on the 'job.

The S&P 500 (^GSPC) was just above the flat line, while the Nasdaq Composite (^IXIC) rebounded from its lows of the day to also rise about 0.15%. Meanwhile, the Dow Jones Industrial Average (^DJI) slipped about 0.2%.

Wall Street indexes were still aiming for a monthly gain heading into the last trading day of September, typically the cruelest month for stocks. The Federal Reserve's massive interest rate cut and signs of resilience in the U.S. economy lifted sentiment, helping stocks post three consecutive weekly gains.

Investors are now preparing for the September jobs report, due Friday, which is seen as an important test of the recent recovery. The pressing question is how quickly the labor market is slowing, as the market questions whether the Fed acted aggressively to protect a healthy economy or to help a struggling economy. Fed Chair Powell's comments on the economic outlook Monday afternoon could help settle this debate.

Read more: What the Fed's rate cut means for bank accounts, CDs, loans and credit cards

A growing pile of profit warnings from automakers dampened the mood Monday morning. Shares of Stellantis (STLA, STLAM.MI) fell 13% after Chrysler's parent company cut its margin outlook, citing supply chain disruption and weakness in China. General Motors (GM) and Ford (F) both fell about 4% in tandem. Shares of Aston Martin (AML.L, ARGGY) plunged more than 20% after the luxury carmaker also warned about earnings.

Overseas, China's benchmark stock index (000300.SS) posted its biggest rise since 2008, entering a bull market as buyers rushed ahead of a week-long holiday. But in Japan, the Nikkei 225 index (^N225) fell following a surprise vote, investors wrongly took their bet on a Prime Minister favorable to easing.

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Mon September 30, 2024 at 12:35 p.m. EDT Real estate leads S&P 500 higher

The Real Estate sector (XLRE) rose more than 0.5% to lead the S&P 500 on Monday on a day when market action was relatively subdued. The benchmark index itself was only up 0.06% around 12:30 p.m. ET.

Meanwhile, the materials sector (XLB) lagged the most, falling 0.8%.

Source: Yahoo Finance

Mon September 30, 2024 at 11:45 a.m. EDTNvidia pulls back on China sales fears

Nvidia (NVDA) stock slipped about 1% in early trading after falling as much as 2.8% before the market opened. The drop follows a report from Bloomberg on Friday that Beijing is urging Chinese companies to buy from chipmakers within its own borders rather than Nvidia's popular GPUs.

Nvidia has been designing special chips for China since the United States tightened semiconductor export controls to that country starting in late 2022. Nvidia is currently exporting a version of its Hopper chip called the H20 to China , which follows stricter trading rules. Nvidia is also reportedly working to release a version of its latest Blackwell chips for China.

Analysts remain bullish on Nvidia despite trade tensions and historic volatility in the semiconductor sector. About 90% of Wall Street analysts recommend buying the stock and see the stock rising to $147.61 over the next year, according to Bloomberg consensus estimates.

Mon September 30, 2024 at 11:00 a.m. EDT Investors look for signs of growth during key economic data week

A host of labor market data, including the September jobs report, will be in focus for investors this week. Updates on activity in the services and manufacturing sectors will also draw attention as market participants try to discern how quickly the U.S. economy is slowing.

Wall Street strategists say there's a clear read on the type of data that could support further upside in stocks.

Stuart Kaiser, head of U.S. equity trading strategy at Citi, told Yahoo Finance that a scenario in which the Fed doesn't cut rates because the economy needs it is “extremely bullish” for stocks . Therefore, a better-than-expected jobs report would likely be seen as a positive for stocks.

The September jobs report is expected to show that 130,000 nonfarm payroll jobs were added to the U.S. economy, with unemployment steady at 4.2%, according to Bloomberg data. In August, the U.S. economy added 142,000 jobs while the unemployment rate fell to 4.2%.

“It’s all about growing the economy and it’s all about the consumer,” Kaiser said. “Any data that suggests that consumer spending is holding up and you don't see the weakness that people are worried about and the Fed is worried about, I think all of that will be a positive for the stock markets.”

Subsequently, a poor jobs report on Friday could have the opposite impact on stocks.

“If it turns out that they started cutting interest rates because they are legitimately concerned about the weak labor market, the rate cuts will not be enough to help stocks in this case and you’re going to trade down,” Kaiser said. “Then why [the Fed is cutting] counts here. And payroll will help answer that question. »

Mon Sep 30, 2024 at 10:15 a.m. EDT Automakers fall as Stellantis cuts 2024 earnings outlook

Stellantis (STLA) stock fell nearly 13% as the automaker cut its 2024 profit forecast.

Instead of positive cash flow for the year, Stellantis now expects negative cash flow of between $5.58 billion and $11.17 billion. The automaker said it also expects its adjusted operating profit margin to be between 5.5% and 7% this year, lower than the double-digit margins Stellantis initially forecast.

The deteriorating global industrial backdrop reflects weaker 2024 market forecasts than at the start of the period, while competitive dynamics have intensified due to both increased industrial supply and competition increased Chinese demand, Stellantis said in a statement.

Ford (F) and GM (GM) also traded lower following the news.

Mon Sep 30, 2024 at 9:35am EDT Stocks Slip at Open, All Eyes on Powell

U.S. stocks fell on Monday but were still poised for strong monthly and quarterly gains as investors waited to hear from Federal Reserve Chairman Jerome Powell ahead of the crucial monthly report on the 'job.

The S&P 500 (^GSPC), Nasdaq Composite (^IXIC), and Dow Jones Industrial Average (^DJI) all fell about 0.2%.

With few catalysts to kick off the week, Powell's speech Monday afternoon should be decisive.

Mon Sep 30, 2024 at 8:50am EDT DirecTV to buy Dish Network

Another media acquisition has been confirmed.

Yahoo Finances Alexandra Canal reports:

Satellite TV provider DirecTV (T, TPG) announced Monday that it will acquire rival Dish Network (SATS), including Dish's streaming brand Sling TV, through a stock swap transaction. debts. Financial terms were not disclosed.

The deal, which is still subject to regulatory approval, is expected to create one of the largest pay TV providers in the United States.

“The combination of DirecTV and Dish will benefit U.S. video consumers by creating a stronger competitive force in a video industry dominated by streaming services owned by large technology companies and programmers,” the companies said in a joint statement.

Shares of EchoStar (SATS), which owns Dish Network, rose about 1% in premarket trading following the news. The stock jumped nearly 10% on Friday after acquisition rumors intensified.

Sources 1/ https://Google.com/ 2/ https://finance.yahoo.com/news/live/stock-market-today-us-stocks-start-jobs-report-week-lower-with-powell-set-to-speak-112731034.html The mention sources can contact us to remove/changing this article

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