As September bids adieu, stocks on Wall Street dazzled, marking record closes for the Dow and S&P 500 as the curtain fell on the month. Defying seasonal headwinds, the three major benchmarks painted the town green for the first time since 2019. With five consecutive monthly victories tucked under their belts, both the blue-chip index and the S&P 500 added yet another feather to their caps. Moreover, the Nasdaq and S&P 500 clinched their fourth quarter on a positive note.
Fed Chair Jerome Powell’s hint at potential interest rate cuts if the economy continues performing to the central bank’s tune was the magic potion that lifted stocks into the green as the afternoon sun dipped low. While the Cboe Volatility Index (VIX) settled slightly lower for the session, it boasted gains for the month and quarter.
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5 Things to Know Today
- The International Longshoremen’s Association (ILA) stands firm on its wage demands, blaming ports management for an imminent strike. (CNBC)
- Hurricane Helene’s toll rises to nearly 100, prompting authorities to rush aid to storm-stricken areas across the U.S. Southeast. (Reuters)
- Steer clear of Chipotle Mexican Grill stock in October.
- Walt Disney stock gets an upgrade based on macroeconomic outlook.
- Profit forecast slash sends auto stock crashing.
Oil Prices Log Losses Across the Board
Like a symphony hitting a sour note, oil prices concluded Monday with a modest decline after an Israeli strike on Beirut yielded the demise of Hezbollah’s leader. The curtain fell on November-dated West Texas Intermediate (WTI) crude at $68.17 per barrel, marking a mere 1-penny dip for the day. However, the black gold witnessed a 7.3% and 16.4% decline over the quarter.
Gold prices, winding down from a rally fueled by interest rate cuts and Middle East unrest, settled lower. The glitter of gold for December delivery dulled by 0.7%, landing at $2,649.20. Nonetheless, the safe-haven metal shone brightly with a 13% surge over the quarter, its most radiant performance since 2020.