New York Stock Market Sees Uptrend in Last Week of September

The New York stock market started the last week of September with an upward trend, driven by the August Personal Consumption Expenditures (PCE) price index, which reaffirmed the trend of slowing inflation.

The Dow Jones Industrial Average, a blue-chip stock group, broke its all-time high in early trading, rising 341.87 points (0.81%) to 42,516.98 as of 10:30 a.m. on the New York Stock Exchange (NYSE) on the 27th (local time).

Market Performance

The large-cap benchmark Standard & Poor’s (S&P) 500 index rose 14.26 points (0.25%) from the previous day to 5,759.63, and the NASDAQ composite index centered on technology stocks rose 2.25 points (0.01%) to 18,192.54.

The Russell 2000 index, which consists of small and mid-cap stocks, is also up about 1%.

Stock Price Movements

The stock price of Nvidia, a leader in artificial intelligence (AI), has fallen by more than 2%, limiting the Nasdaq index’s increase.

On the other hand, the stock prices of Chinese companies listed on the U.S. stock market, such as Alibaba, PDD, Baidu, and Nio, gained momentum again.

The stock price of Bristol Myers Squibb, an American pharmaceutical company, rose about 3% thanks to the news that ‘Covenfi’, a treatment for adult schizophrenia, received final approval from the US Food and Drug Administration (FDA).

Expert Insights

Jeffrey Roach, chief economist at LPL Financial, commented on the market, saying, “The market is welcoming the fact that the Federal Reserve has taken meaningful steps to readjust monetary policy.”

Chris Zaccarelli, chief investment officer at the Independent Advisors Alliance, said, “Once inflation is under control, the Fed can cut interest rates further to focus on the labor market.”

Global Market Trends

European stock markets are also showing an upward trend, with Germany’s DAX index rising 1.17%, Britain’s FTSE index rising 0.52%, and the pan-European index STOXX600 rising 0.54%.

International oil prices also showed an upward trend, with the price of West Texas Intermediate (WTI) crude oil for November delivery rising 0.50% from the previous session.