Despite Monday’s gains, Wall Street is still on track for its worst month of the year, with September proving to be quite challenging.
- The S&P 500 experienced a 0.4% rise at 4,337.44, bouncing back from its worst week in six months.
- The Dow Jones Industrial Average edged up by 0.1%, gaining 43.04 points at 34,006.88.
- The Nasdaq composite grew 0.5%, adding 59.51 points to reach 13,271.32.
Oil-related stocks were the leaders of the day, with Exxon Mobil rising 1.1% and ConocoPhillips gaining 1.6%. Energy stocks in the S&P 500 outperformed other sectors, almost double in growth. Crude oil prices have been on the rise since early summer, with mixed results on Monday.
The increase in oil prices has had a negative impact on Wall Street as a whole, as traders begin to realize that the Federal Reserve is likely to keep interest rates high well into the next year. This has caused concern for travel-related companies, resulting in a decline. Southwest Airlines saw a 2% drop, while Norwegian Cruise Line fell 3.1%. On a positive note, Amazon’s 1.7% rise had the strongest influence on the S&P 500. The company has made a minority investment of up to $4 billion in Anthropic, an artificial intelligence startup. Many big tech companies are investing in AI to harness the opportunities presented by the latest generation of technology.
Media and entertainment company stocks had a mixed performance after unionized screenwriters reached a tentative agreement to end their historic strike on Sunday. However, there is still no deal for actors who are currently on strike. Netflix rose 1.3%, while The Walt Disney Co. slipped 0.3%. Warner Brothers Discovery experienced the largest loss in the S&P 500, dropping 4%. In China, troubled property developer China Evergrande faced a nearly 22% decline after stating its inability to raise additional debt due to an investigation into one of its affiliates. This poses a risk to the company’s plans for restructuring its massive $300 billion debt.
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