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<US Mkt>DJIA Hits Historic High Before Rate Cut, Soaring 228 Pts to New Closing Record; Intel Rockets 6%+
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As the Fed will announce the results of its policy meeting this Wednesday, the market is expecting the US to cut rates for the first time since 2020. The three major US stock indexes had mixed performances on Monday. Opening 41 points higher, the DJIA expanded its gains to as much as over 340 points, reaching a historic high of 41,733. It ended the day up 228 points, or 0.6%, at a new closing record of 41,622. Less than 1% away from its high in July 2024, the S&P 500 slightly rose 7 points for the day. The Nasdaq closed down 91 points, or 0.5%, at 17,592. The financial and energy sectors rallied more than 1% on Monday, outpacing the broader market, while the IT sector plunged nearly 1%, marking the largest decline of the day. Intel (INTC.US) rocketed over 6% for the day, making it the best-performing stock in the Nasdaq 100. Reports indicated that Intel will receive up to US$3.5 billion in subsidies from the US government to produce chips for the military. It is reported that pre-order sales for the iPhone 16 series during the first weekend diminished YoY, and demand for the iPhone 16 Pro series fell short of expectations. Apple (AAPL.US) shed 2.8%. Chip stocks were generally weak. AI leader NVIDIA (NVDA.US) slid 2%. ASML (ASML.US) dropped over 1%. Micron (MU.US) plummeted over 4%. Arm (ARM.US) dived 6%. AAStocks Financial News |
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