S&P 500, Nasdaq rise amid signs of inflation

Alive8 updates

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  Thursday, September 12, 2024 at 23:45 GMT+5:30

  Oil rose more than 2% as hurricane Francine disrupted production

  Oil prices gained on Thursday for the second session in a row after crude oil disruptions in the Gulf of Mexico due to Hurricane Francine.

  West Texas Intermediate (CL=F) gained nearly 3% to hover at $69 a barrel, while Brent (BZ=F) rose to $72.

  Francine was downgraded to a hurricane from hurricane status a few hours after making landfall. That’s causing about 670,000 barrels a day in the Gulf of Mexico, according to the U.S. Bureau of Environmental Safety and Enforcement.

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  Thu, 12 September 2024 at 23:00 GMT+5:30

  Gold hits all-time high as investors await Fed rate cut

  Gold hit an all-time high on Thursday as investors await the Fed’s interest rate cut next Wednesday. Year to date, the precious metal is up more than 24%, outperforming the broader market.

  Gold futures (GC=F) jumped more than 1% to $2,576 an ounce. Silver (SI=F) futures also jumped 3% to trade above $30 an ounce.

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  Thursday, September 12, 2024 at 10:15 GMT+5:30

  GM, Hyundai to jointly explore developing cars for ‘open scale’

  Yahoo Finance’s Pras Subramanian reports:

  GM (GM) and Hyundai (HYMTF) signed an agreement on Thursday morning to jointly explore developing cars, powertrains, and various technologies, signaling how far Korean automakers have come over the past 30 years.

  In a non-binding memorandum of understanding signed by Hyundai Motor Group executive chairman Euisun Chung and GM CEO Mary Barra, the two companies will collaborate and develop projects, including the production of passenger and commercial vehicles and powertrain technologies such as gas-powered motorcycles. and clean-energy options, which will include electric and hydrogen options.

  The two auto giants said they would examine opportunities to combine resources for battery raw materials, steel and other commodities.

  Read more here.

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  Thursday 12 September 2024 at 21.30 GMT+5.30

  Mortgage payments lower than a year ago due to rate drop: Redfin

  Buying a home has become more affordable compared to a year ago, according to new data from Redfin.

  Redfin found the average monthly mortgage payment reached $2,558 in the last four weeks ending in September. It is a decrease of 1.3% from last year.

  A big help has been lowering mortgage rates. The average rate on a 30-year fixed-rate mortgage fell to 6.2% this week, according to data from Freddie Mac. Mortgage rates have fallen by more than half a percentage point over the past six weeks as investors anticipate rate cuts from the Fed. They are at their lowest level since February 2023.

  However, house prices have not come down from their highs. The median sales price was $388,085, up 3.7% year over year, Redfin data showed. Home prices remain elevated due to a lack of supply. That, plus buyers’ expectations that rates will move lower after the Fed eases monetary policy, still keep the housing market at a standstill.

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  Thursday 12 September 2024 at 20.55 GMT+5.30

  Apple receives FDA approval for AirPods hearing aid software

  Apple ( AAPL ) received approval from the US Food and Drug Administration for hearing aid software to be used in AirPods.

  The feature was first announced at the tech giant’s annual product launch in California earlier this week.

  Once installed and adjusted, the over-the-counter hearing aid software is “available to amplify sound for individuals 18 years of age or older with mild to moderate hearing loss,” according to the FDA statement.

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  Thursday 12 September 2024 at 20.05 GMT+5.30

  ‘No big surprises’: Why Apple shares haven’t moved much on iPhone 16 news

  Yahoo Finance’s Madison Mills reports:

  Apple’s artificial intelligence offering, Apple Intelligence, was the star of the annual iPhone event on Monday.

  But for investors, the slow rollout of Apple Intelligence could cause problems. While the Apple iPhone 16 hits stores on September 20, the software update required for Apple Intelligence won’t be available to US UK users until October.

  The disconnect between hardware and software may be one of the reasons why Apple stock didn’t make much of a splash on the news. Shares of the iPhone maker fell about 0.9% during the company’s “Glowtime” presentation in Cupertino, California, and have risen less than 1% in the three days since the event.

  Read more here.

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  Thursday, September 12, 2024 at 19:38 GMT+5:30

  Delta issues strong outlook despite summer technology woes

  Delta ( DAL ) stock jumped before dipping into negative territory Thursday after the airline said its full-year profit would come in at the midpoint of a previously anticipated range despite a computer glitch earlier this summer.

  The airline saw full-year adjusted earnings per share of $6.50 or more, compared with its previous estimate of $6 to $7, excluding the impact of global technology disruptions in July.

  Delta shares were down nearly 2% in early trading.

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  Thursday, September 12, 2024 at 19:02 GMT+5:30

  Stocks steady amid cooler inflation data, higher-than-expected jobless claims

  Stocks were little changed on Thursday as investors digested a new set of data that could provide clues as to what interest rate cut the Federal Reserve will decide to implement at this month’s policy meeting.

  The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) were flat, coming out of closing gains clearly supported by the tech rally. The Dow Jones Industrial Average (^DJI) was also little changed.

  On the inflation data front, the Producer Price Index rose 0.2% in August from the previous month, slightly higher than economists had expected. Meanwhile the July PPI reading was revised to the downside. On a year-over-year basis, wholesale prices rose 1.7%, in line with expectations.

  Weekly initial jobless claims rose by 2,000 to 230,000, higher than economists had expected.

  Investors are paying attention to these data points as the Federal Reserve prepares to meet next week. Markets are already expecting a rate cut. What we don’t know is how big the cut will be.