Stock markets were divided in New York on Monday, despite the avoidance of a US government shutdown. Congress this week in the United States approved a proposal for emergency funding pending an agreement on a new budget. Had this not been resolved, many government employees would have been without salary.
October 2, 2023
Investors continue to await key macroeconomic data, including Friday’s US government jobs report. If the labor market is in better-than-expected shape, this could prompt the Federal Reserve to raise interest rates a little later. Interest rate fears erupted on Wall Street last month. For example, the central bank announced that interest rates will remain higher for longer than previously thought to combat inflation. As a result, all three major indicators had a poor stock market month in September.
Shortly after the opening, the Dow Jones industrial average was down 0.1 percent at 33,478. The broader S&P 500 was at 4,289 points, while the tech-heavy Nasdaq was up 0.4 percent at 13,264.
Apple rose 1 percent. The tech team said this weekend that it will provide a fix for the issues with the iPhone 15. A recently launched new smartphone may get very hot in the first days of purchase due to a bug in the latest iOS 17 software. Hundreds of users have taken to social media and Apple Support in recent days to complain that their new iPhone 15 Pro and iPhone 15 Pro Max are unusually hot.
Nike fell 0.7 percent. The sports company was still out on Friday due to better-than-expected quarterly figures. For example, profits were higher than expected and inventories fell. This is seen as a sign that Nike is moving into newer, more profitable sports products such as shoes and apparel rather than older products.
Tesla fell 2.7 percent in the third quarter after disappointing deliveries of its electric cars.
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