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Tech stocks kicked off the week on the negative note, driven lower by concerns over weaker-than-expected demand for Apple Inc. ’s latest iPhone 16 models.
Shares of Apple tumbled over 3% by midday in New York, heading for their worst session in more than a month. The sell-off in Apple spilled over to chip stocks, with Arm Holdings plc plunging more than 5%.
The broader semiconductor sector, tracked by the iShares Semiconductor ETF , declined by 2.2%, reflecting widespread apprehension in the industry.
Elsewhere in the market, the S&P 500 edged lower, while the Dow Jones and the Russell 2000 managed to buck the trend, posting modest gains for the day.
Bonds outperformed equities as Treasury yields dropped amid growing expectations of Federal Reserve rate cuts.
Over the weekend, investor sentiment shifted toward an interest rate cut for the upcoming Sept. 18 meeting, with markets now pricing in a 60% probability of a larger 50-basis-point rate cut.
Gold prices extended their gains, rising 0.3% to reach new record highs, marking the third consecutive session of increases. In the energy market, oil prices climbed 0.7%, and natural gas prices surged 4% on a more optimistic demand outlook.
Bitcoin wasn’t spared from the sell-off in tech stocks, falling 2.5%.
Monday’s Performance In Major U.S. Indices, ETFs
Major Indices | Price | 1-day %chg |
Dow Jones | 41,490.08 | 0.2% |
Russell 2000 | 2,192.30 | 0.2% |
S&P 500 | 5,621.31 | -0.1% |
Nasdaq 100 | 19,377.78 | -0.7% |
According to Benzinga Pro data:
Monday’s Stock Movers
Read Now:
This image was created using artificial intelligence MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
US equity indexes traded mixed on Monday as consumer discretionary and technology fell amid traders pricing in a higher probability of a bigger, 50 basis-point interest-rate cut this week in what will be the Federal Reserve's last policy announcement before the US presidential elections.
The S&P 500 index was up less than 0.1% to 5,628.5, and the Nasdaq Composite slid 0.7% to 17,551.4 after midday on Monday. The Dow Jones Industrial Average rose 0.3% to 41,524.6.
Except for consumer discretionary and technology, all other sectors rose intraday. Chipmakers such as Arm Holdings , Micron Technology (MU), and Broadcom were among the steepest decliners.
Treasury yields fell intraday, with the 10-year yield down 2.4 basis points to 3.63%, and the two-year rate was 2.3 basis points lower at 3.55%.
The probability of a 50 basis-point cut on Sept. 18 stood at 59% on Monday afternoon versus 30% a week ago, as per the FedWatch Tool. The remaining 41% likelihood was a 25 basis-point drop versus 70% a week earlier. The Federal Open Market Committee's policy announcement will be the last before the Nov. 5 presidential elections.
Up-sizing rate cuts could signal to the market that the Fed is "really worried" about something in the US economy, Derek Holt, head of capital markets economics at Scotiabank, said in a note, while adding that the jobs data has been soft and core inflation although "little mixed" is still easing. He said gross domestic product grew 3% in Q2, and the 'nowcast' efforts by the Atlanta Federal Reserve and New York Federal Reserve rest around 2.5% for Q3.
"The soft landing we've always expected continues to unfold," Holt said. The Scotiabank house view is for a 25 basis-point rate reduction as there isn't "such a case for acting in a rush."
In economic news, the New York Federal Reserve's Empire State manufacturing index jumped to 11.5 in September from minus 4.7 in August, compared with an improvement to minus 4 expected in a survey compiled by Bloomberg. The September print is the first positive reading since November 2023 and signals a return to expansion.
In company news, Intel has officially qualified for up to $3.5 billion in US government funding to make semiconductors for a secret military program, Bloomberg News reported. Shares of the chipmaker jumped nearly 3% intraday, among the top gainers in the S&P 500, the Nasdaq, and the Dow.
Melius Research upgraded Oracle to buy from hold, while raising its price target to $210 from $155. Oracle shares were trading over 5% higher intraday, the top performer on the S&P 500.
West Texas Intermediate crude oil futures jumped 2% to $70.05 a barrel.
Gold fell 0.1% to $2,608 an ounce, while silver rose less than 0.1% to $31.12.
The S&P 500 Index today is down by -0.19%, the Dow Jones Industrials Index is up by +0.40%, and the Nasdaq 100 Index is down by -0.92%.
Stocks today are mixed, with the Dow Jones Industrials posting a new record high. Apple is down more than -3% today to weigh on the overall market on signs of weak demand for the new iPhone. Also, the weakness in chip makers today is a drag on the broader market. However, Intel is up more than +4% to lift the Dow Jones Industrials after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Today’s US economic news was hawkish for Fed policy after the Sep Empire manufacturing survey general business conditions index rose +16.2 to a 2-1/3 year high of 11.5, stronger than expectations of -4.0.
Corporate news today is mixed for stocks. On the negative side, Apple is down more than -2% after TF International said weekend pre-order sales show demand for the company’s iPhone 16 Pro series is weaker than expected. On the positive side, Oracle is up more than +4% after Melius Research upgraded the stock to buy.
This week, the market will focus on Tuesday’s US Aug retail sales report to see if consumer spending is holding up. The consensus is that Aug retail sales will fall by -0.2% m/m but that Aug retail sales ex-autos will increase by +0.2% m/m. The markets will also look to the 2-day FOMC meeting that begins Tuesday and whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide for a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 63% for a -50 bp rate cut at that meeting.
Signs of weakness in China’s economy are negative for global growth prospects. China Aug industrial production rose +4.5% y/y, weaker than expectations of +4.7% y/y. Also, China Aug retail sales rose +2.1% y/y, weaker than expectations of +2.5% y/y. In addition, China Aug new home prices fell -0.73% m/m, the largest decline in 9-3/4 years.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.37%. China's Shanghai Composite was closed for the Mid-autumn Festival holiday. Japan's Nikkei Stock 225 was closed for the Respect-for-the-Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ24) today are up +2 ticks. The 10-year T-note yield is down -1.5 bp at 3.636%. Dec T-notes today are slightly higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 63% today from 52% last Friday. T-notes fell back from their best levels today after the US Sep Empire manufacturing survey general business conditions index rose more than expected to a 2-1/3 year high. Also, rising inflation expectations are negative for T-notes after the 10-year breakeven inflation rate rose to a 1-1/2 week high today of 2.100%.
European government bond yields today are moving lower. The 10-year German bund yield is down -2.7 bp at 2.121%. The 10-year UK gilt yield is down -1.0 bp at 3.758%.
ECB Governing Council member Kazaks said, "There's still more risk inflation will be higher over the medium term than we expect," and the ECB "will almost surely need to wait until December for a clearer picture before making its next move" on interest rates.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 31% for the October 17 meeting.
US Stock Movers
Apple is down more than -3% to lead losers in the Dow Jones Industrials after TF International said demand for the company’s iPhone 16 Pro series is weak, with first-weekend pre-order sales of about 37 million units, down about -12.7% y/y from last year’s iPhone 15 series first-weekend sales. Apple suppliers are falling as well, with Qorvo down more than -6% to lead losers in the S&P 500. Also, Skyworks Solutions is down more than -6%.
Chip makers are under pressure today and are weighing on the broader market. ARM Holdings Plc is down more than -6% to lead losers in the Nasdaq 100. Also, Micron Technology is down more than -4%, and Broadcom is down more than -3%. In addition, KLA Corp , Lam Research , and ASML Holding NV are down more than -2%. Finally, Nvidia , Marvell Technology , GlobalFoundries , Applied Materials , Microchip Technology , and Texas Instruments are down more than -1%.
Intel is up more than +4% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Oracle is up more than +4% after Melius Research upgraded the stock to buy from hold with a price target of $210.
Charles Schwab is up more than +3% after it reported new brokerage account in August rose +4% y/y to 324,000 and that it expects Q3 revenue will climb as much as 3% from Q2.
Elf Beauty is down more than -3% after Piper Sandler cut its price target on the stock to $162 from $260.
MKS Instruments is down more than -3% after Citigroup downgraded the stock to neutral from buy.
Nova Ltd is down more than -5% after Citigroup downgraded the stock to neutral from buy.
Yelp Inc is down more than -2% after Bank of America Global Research initiated coverage on the stock with a recommendation of underperform with a price target of $30.
Exact Sciences is up more than +5% after releasing data from a study of its blood-based colon cancer screening that showed sensitivities of 88% for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity.
Nuvalent is up more than +23% after presenting updated data from two early-stage trials of its lead cancer programs that impressed analysts.
Builders FirstSource is up more than +3% after Truist Securities upgraded the stock to buy from hold with a price target of $220.
Zillow is up more than +4% after Wedbush upgraded the stock to outperform from neutral with a price target of $80.
Earnings Reports (9/16/2024)
None.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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