Market Commentary - Foreign Markets
US stocks finished mixed ahead of inflation data As on : 11-Sep-24  11:04

US equities finished mixed on Tuesday, as investors prepared for a crucial inflation report expected to influence the Federal Reserve's upcoming interest rate cuts. The Nasdaq and the S&P 500 saw further upside going into the close, reaching new highs for the session. The Nasdaq climbed 141.28 points or 0.8 percent to 17,025.88 and the S&P 500 rose 24.47 points or 0.5 percent to 5,495.52, but the Dow dipped 92.63 points or 0.2 percent to 40,736.96.

Tech stocks, including Nvidia (+1.5%), Microsoft (+2.1%) and Amazon (+2.4%), provided some support, lifting the Nasdaq 100 by 0.9%. Among other stocks, Oracle shares soared 11.5% after beating earnings estimates and securing a deal with Amazon Web Services.

Meanwhile, the Labor Department is scheduled to release reports on consumer and producer price inflation in the month of August on Wednesday and Thursday, respectively. The data could impact the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting next week. Kamala Harris and Donald Trump are also set to face off in their first televised debate tonight, adding further uncertainty to market sentiment. The yield on the benchmark ten-year note, which moves opposite of its price, slid 5.1 basis points to 3.646 percent. Dollar index also pulled back.

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