All three major Wall Street indexes rose on 4/9. The Dow Jones Industrial Average (DJIA) climbed 0.77% to 45,621 points. The S&P 500 gained 0.83% to a record 6,502 points. The Nasdaq Composite closed at 21,707 points, up nearly 1%.
Tech stocks led the market higher. Amazon and Meta Platforms rose 4.3% and 1.6%, respectively. Chipmaker Broadcom, a major player in the artificial intelligence field, saw a 1.2% increase just before releasing its quarterly financial report. The stock continued to rise in after-hours trading, after forecasting high growth in fiscal year 2026 thanks to new orders.
Shares of fashion retailer American Eagle Outfitters surged 38% on expectations of higher-than-expected third-quarter sales.
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Traders work on the floor of the New York Stock Exchange (NYSE). Photo: Reuters |
Traders work on the floor of the New York Stock Exchange (NYSE). Photo: Reuters
The US reported a larger-than-expected increase in new unemployment claims last week. Private sector hiring also slowed in August. These developments further indicate a weakening job market. Investors are now awaiting the August jobs report, due out on 5/9.
However, Mike Dickson, director of research at Horizon Investments, said the report is unlikely to significantly alter market expectations. "Fed Chair Jerome Powell said they will cut rates unless something truly unexpected happens," he explained.
CME's FedWatch Tool shows investors now see a 95% probability of a 0.25% rate cut by the Fed. Investors judge the jobs data weak enough to prompt the Fed to act, but not so weak as to increase the risk of recession.
While stocks of AI-related companies have supported the market for the past few years, the momentum is slowing. Last week, Nvidia shares even declined after US-China trade tensions caused them to exclude Beijing from their revenue forecast for the quarter.
Data from financial services firm LSEG also shows that US stocks typically decline in September. On average, since 2000, the S&P 500 has fallen 1.5% in September.
Ha Thu (Reuters)
