After the weakest trading week for the Dow Jones since March 2023, prices stabilized somewhat again on Monday. The best-known US stock index rose by 0.8 percent to 40,671 points in early trading. This brightens the mood again at the start of the new trading week.
On Friday, a surprisingly poor labor market report for August fueled economic concerns and caused stock prices to plummet. After the Dow hit a record high at the end of August, investors pocketed profits.
With the tentative recovery now beginning, the broad-based S&P 500 advanced 0.9 percent to 5,459 points in early New York trading. The Nasdaq100, which is heavily influenced by technology stocks, rose 1.2 percent to 18,634 points. The Nasdaq 100 had suffered its biggest setback since November 2022 last week.
Boeing’s agreement with the largest union was well received on the stock market, with Boeing shares rising 3.6 percent to the top of the Dow. Analysts praised the fact that the wage increases agreed with the IAM union, at 25 percent, remained below the 40 percent originally demanded by the IAM.
Merck & Co shares, on the other hand, were the biggest losers in the Dow, with a price loss of 2 percent. At the pharmaceutical company, positive study data from a potential competitor to Merck & Co’s lung cancer drug Keytruda weighed on sentiment.
Shareholders of the computer company Dell and the software developer Palantir were pleased with price gains of 5 and 11 percent respectively. Both stocks are about to be included in the broad US stock index S&P 500.
There is also more good news at Palantir – read more in the article list.
Investors were cautious with Apple shares, which fell by 0.8 percent. New iPhone models, which are being presented to the public today, are expected to catapult Apple into the era of artificial intelligence (AI). However, the company has so far lagged behind its competitors in this booming topic. Read more about Apple and the event in the list of articles.
PayPal announced on Monday the expansion of its partnership with Shopify. The payment service provider will become an additional credit and debit card processor for Shopify Payments (see article list).
Tesla CEO Elon Musk is currently causing tension again as rumors about Tesla and his startup xAI are making the rounds (see article list).
