Stock market today: S&P 500, Nasdaq rise amid more signs of inflation cooldown – Yahoo Finance

September 12, 2024

U.S. stocks rose on Thursday as investors digested the latest inflation and labor data, testing lofty hopes for a quarter-point interest rate cut next week.

The S&P 500 (^GSPC) rose 0.5%, the Nasdaq Composite Index (^IXIC) added 0.7% after a big closing gain led by tech stocks, and the Dow Jones Industrial Average (^DJI) added 0.2%.

Markets are building on Wednesday's see-saw battle that ended with renewed enthusiasm for tech stocks, while the last major data released this week strengthened expectations for a smaller 25-point rate cut from the Federal Reserve next week, rather than a bigger 0.5 percentage point cut.

Early Thursday, August producer price data showed another sign that inflationary pressures are cooling. Wholesale prices rose 0.2% from the previous month, slightly more than economists had expected. On an annualized basis, producer prices rose 1.7%, as expected, but July's figure was revised down. This followed a similar gradual cooling in August's consumer price index.

read more: Fed forecasts for 2024: What experts say about possible rate cuts

Meanwhile, labor data showed that initial claims for unemployment insurance rose to a better-than-expected 230,000 last week, up 2,000 from the previous week. Trader's Odds Following the report, support for a 25 basis point rate cut rose to 87% from 50% just a few days earlier.

On the corporate side, shares of vaccine maker Moderna (MRNA) fell as much as 17% after the company lowered its annual revenue guidance for 2025. The company also announced it would cut its annual research and development budget.

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Thursday, September 12, 2024, 10:30 AM MST

Gold hits record high as investors wait for Fed to cut interest rates

Gold hit a record high on Thursday as investors await a Fed interest rate cut next Wednesday. The precious metal has risen more than 24% this year, significantly outperforming the broader market.

Gold futures (GC=F) rose more than 1% to $2,576 an ounce, while silver futures (SI=F) rose 3% to more than $30 an ounce.
Thursday, September 12, 2024, 9:45 a.m. MST

GM and Hyundai consider joint vehicle development to expand scale

Pras Subramanian of Yahoo Finance reports:

GM (GM) and Hyundai (HYMTF) The agreement was signed The Korean automakers arrived in South Korea on Thursday morning to discuss joint development of vehicles, powertrains and various technologies, a sign of how far Korean automakers have come over the past three decades.

Under the non-binding memorandum of understanding signed by Hyundai Motor Group Chairman Chung Eui-soon and GM CEO Mary Barra, the two companies will cooperate and jointly develop projects including passenger and commercial vehicle production and powertrain technologies such as gasoline-powered motors and clean energy options, including electric and hydrogen options.

The two automakers said they would explore opportunities to combine sourcing of battery raw materials, steel and other commodities.

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Thursday, September 12, 2024, 9:00 AM MST

Lower interest rates mean mortgage payments are cheaper than a year ago: Redfin

Buying a home is now more affordable than it was a year ago, according to new data from Redfin.

Redfin is Average Monthly Mortgage Payments for the final four weeks through September reached $2,558, a 1.3% decrease from last year.

A big help has been falling 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 more than half a percentage point in the past six weeks as investors bet on a Fed rate cut. They're at their lowest since February 2023.

Still, home prices have not come off their highs. The median sales price is $388,085, up 3.7% from a year ago, according to data from Redfin. A lack of supply is keeping prices high, and the housing market remains sluggish, in part because buyers expect interest rates to fall as the Fed eases monetary policy.
Thursday, September 12, 2024, 8:25 a.m. MST

Apple receives FDA approval for AirPod hearing aid software

Apple (AAPL) has received approval from the U.S. Food and Drug Administration for its hearing aid software for use in AirPods.

The feature was first unveiled at the tech giant's annual product launch event in California earlier this week.

Once installed and customized, the commercially available hearing aid software is “intended to amplify sound for individuals aged 18 years or older who have a recognized mild to moderate hearing loss,” the company said in a statement. FDA statement.
Thursday, September 12, 2024, 7:35 a.m. MST

'No big surprises': Why iPhone 16 news doesn't move Apple stock much

Madison Mills of Yahoo Finance reports:

Apple's artificial intelligence, or Apple Intelligence, was the highlight of the company's annual iPhone event on Monday.

But investors could be troubled by the slow rollout of Apple Intelligence: Apple's iPhone 16 hits stores on September 20, but the software update required for Apple Intelligence won't be available for U.S. English users until October.

The disconnect between hardware and software may be one reason why Apple's stock price didn't do much on the news: The iPhone maker's shares fell about 0.9% at the company's “Glow Time” presentation in Cupertino, California, and rose less than 1% in the three days following the event.

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Thursday, September 12, 2024, 7:08 a.m. MST

Delta Air Lines issues strong outlook despite summer tech troubles

Delta Air Lines (DAL) shares fell into negative territory after soaring on Thursday after the airline said its full-year profit would be at the midpoint of its previously expected range, despite a computer glitch earlier this summer.

The airline now expects full-year adjusted earnings per share to be more than $6.50, up from its previous forecast of $6 to $7 excluding the impact of the global technology outage in July.

Delta shares fell about 2% at the start of trading.
Thursday, September 12, 2024, 6:32 a.m. MST

Stocks hold steady as inflation reading falls further and jobless claims beat expectations

Stocks were little changed on Thursday as investors digested a string of new data that could offer clues as to how much interest rate cuts the Federal Reserve will enact at its policy meeting this month.

The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) were flat after a sharp closing gain led by tech stocks, while the Dow Jones Industrial Average (^DJI) was little changed.

Inflation data showed the producer price index rose 0.2% in August from the previous month, slightly more than economists had expected, while July's figure was revised down. Year-over-year wholesale prices rose 1.7%, as expected.

Initial weekly claims for jobless benefits rose by 2,000 to 230,000, beating economists' expectations.

Investors are closely watching the data as the Federal Reserve meets next week, where a rate cut is widely expected, though it's unclear how big that cut will be.