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The Closing Bell: U.S. Stocks Tick Higher As Tech Stocks Rally

TedTed
edited September 11 in Fund Discussions
FYI: Rallying technology shares drove U.S. stock indexes higher Wednesday, putting the Dow Jones Industrial Average on track to post its sixth consecutive session of gains.

The blue-chip index edged up 227 points, or 0.85%, to 27136. The S&P 500 ticked up 0.72%, and the tech-heavy Nasdaq Composite advanced 01.06%.

With not much economic data on the docket for Wednesday, analysts said they were looking ahead to central bank meetings in the coming days. Both the European Central Bank and Federal Reserve are expected to cut interest rates in September.

Gains among technology shares helped push major indexes higher, with Apple extending a rally that began Tuesday after it unveiled a trio of new iPhones and monthly prices for its new video-streaming service. Shares of the phone maker were recently up 2.8%, pushing the firm’s market capitalization over $1 trillion for the first time since November.

Other technology stocks jumped as well, with Facebook , Alphabet and Intel all rising at least 1%.

Earnings-related news drove additional swings among individual stocks.

Dave & Buster’s Entertainment slid 6.3% after cutting its guidance.

GameStop shed 12% after reporting a loss for the most-recent quarter and giving a downbeat forecast for the year.

Elsewhere, markets in Europe and Asia were mostly higher. The Stoxx Europe 600 rose 0.8% to notch its biggest gain in a week, and South Korea’s Kospi added 0.8% after strong jobs data.

Expectations of lower rates helped markets climb at the start of the year, though stocks have pared some of their gains since then.

Government bond prices weakened, with the yield on the 10-year U.S. Treasury note rising to 1.735% from 1.706% on Tuesday after data showed producer prices rose more than expected in August.

Inflation tends to hurt government bond prices because it chips away at the value of bonds’ fixed payouts.

Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2019-09-11/your-evening-briefing

MarketWatch:
https://www.marketwatch.com/story/dow-futures-edge-higher-as-blue-chip-gauge-aims-for-6th-straight-rise-2019-09-11/print

WSJ:
https://www.wsj.com/articles/global-stocks-rise-with-eyes-on-trade-11568190214

Bloomberg:
https://www.bloomberg.com/news/articles/2019-09-10/asia-stocks-seen-higher-treasuries-extend-drop-markets-wrap?srnd=premium

IBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-extends-win-streak-key-stocks-rally-buy-apple-stock/

CNBC:
https://www.cnbc.com/2019/09/11/dow-futures-moves-ppi-wholesale-data-due.html

Reuters:
https://uk.reuters.com/article/us-usa-stocks/wall-street-gains-on-apple-boost-trade-optimism-idUKKCN1VW1II

U.K:
https://uk.reuters.com/article/uk-britain-stocks/stimulus-trade-hopes-lift-ftse-100-lse-at-life-high-on-hong-kong-bid-idUKKCN1VW0QU

Europe:
https://www.reuters.com/article/us-europe-stocks/european-shares-hit-six-week-high-on-trade-relief-stimulus-hope-idUSKCN1VW0PH

Asia:
https://www.cnbc.com/2019/09/11/us-bonds-treasury-yields-tick-higher-ahead-of-central-bank-meetings.html

Bonds:
https://www.cnbc.com/2019/09/11/us-bonds-treasury-yields-tick-higher-ahead-of-central-bank-meetings.html

Currencies:
https://www.cnbc.com/2019/09/11/forex-markets-european-central-bank-in-focus.html

Oil:
https://www.cnbc.com/2019/09/11/oil-falls-on-report-trump-discussed-easing-sanctions-on-iran.html

Gold:
https://www.cnbc.com/2019/09/11/gold-markets-european-central-bank-in-focus.html

WSJ: Markets At A Glance:
https://markets.wsj.com/us

Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor

SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker

SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors

Current Futures:
https://finviz.com/futures.ashx


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