4:25pm: Winning streak continues
It was another record-breaking day for US stocks, with the Dow Jones and S&P 500 closing at all-time highs.
The Dow added 0.2% at 42,124 points while the S&P 500 was up 0.3% at 5,718 points. The Nasdaq added 0.1% at 17,974 points.
2:55pm: Trump Media at new low
Shares of Trump Media & Technology Group Corp (NASDAQ:DJT), Donald Trump’s media company, fell a further 8% on Monday after the lockup of insider’s shares expired last week.
The Truth Social parent has plunged about 85% to about $12 from its all-time high of $79 in March.
Trump has said he has no intention of selling his shares in the company. He holds a 57% stake.
1:15pm: Stocks hold gains
US stocks were little changed in the early afternoon on Monday as investors digested new economic data.
The Dow Jones and Nasdaq were flat, at 42,072 points and 17,954 points respectively. The S&P 500 added 0.1% at 5,707 points.
Gold moved higher, trading at about $2,650 per ounce – a record for the yellow metal.
"The gold price is on track for its third straight day of gains,” IG senior technical analyst Axel Rudolph commented. “Due to heightened tensions between Israel and Lebanon, the oil price also remains bid.”
11:43am: Tesla jumps
Stocks edged higher as new data on the services and manufacturing sectors showed the US economy remains on track to for solid growth during the third quarter.
The Nasdaq added 0.3% at 17,997 points, with the S&P 500 up 03% at 5,712 points and the Dow Jones edged 0.1% higher at 42,114 points.
Tesla Inc (NASDAQ:TSLA) added almost 5% after Barclays analysts projected the electric vehicle maker’s third quarter deliveries to reach 470,000 vehicles.
This represents an 8% increase from the year-ago quarter and is ahead of the Wall Street consensus estimate of 461,000.
Shares of Intel Corp (NASDAQ:INTC, ETR:INL), meanwhile, added 1.9% on reports it has received a multibillion-dollar investment offer from Apollo Global Management (NYSE:APO), providing an alternative to a potential takeover by larger rival Qualcomm Inc (NASDAQ:QCOM, ETR:QCI).
Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) traded 1% higher as Citi analysts forecast boosted profits and revenue for the company from increased ads on Reels.
9.56am: Dow Jones lower as PMI dips in September
Wall Street faced a mixed start on Monday morning after purchasing managers index (PMI) data from S&P Global showed faster price rises and slower private sector growth in the US this month.
The Dow Jones dipped 15 points early on, while both the Nasdaq and S&P 500 ticked up.
S&P’s PMI reading showed the index had dipped from 54.6 to 54.4 in September, as service sector growth slowed and manufacturing remained in contraction territory for a third consecutive month.
Prices were also said to have risen at their fastest pace in six months, S&P reported, as hopes build for sustained interest rate cuts by the Federal Reserve ahead.
“The early survey indicators for September point to an economy that continues to grow at a solid pace, albeit with a weakened manufacturing sector and intensifying political uncertainty acting as substantial headwinds,” S&P chief business economist Chris Williamson said.
“A reacceleration of inflation is meanwhile also signalled, suggesting the Fed cannot totally shift its focus away from its inflation target as it seeks to sustain the economic upturn.”
7.32am: Dow Jones set to build on record as Wall Street seen higher
Wall Street looked on course for a positive start to the week on Monday following a record closing high for the Dow Jones on Friday.
Futures had the Dow Jones adding 8 points on the opening bell after the index notched up a new record closing value of 42,063 ahead of the weekend.
The S&P 500 and Nasdaq were seen higher too, with respective gains of 6 and 39 points expected.
Last week’s 50-basis point cut to base interest from the Federal Reserve had fuelled gains on Wall Street, prompting the S&P 500 to also hit a record.
Attention turns on Monday to US purchasing managers index data from S&P Global, which is due to be released later in the day.
“Once again, it is the services sector which remains the bright spot, although the strength of this sector also brings major concerns of another inflationary surge,” Scope Markets analyst Joshua Mahony commented.
“Thus, between additional manufacturing-led weakness, or another surge in services inflation, there looks to be plenty of cause for caution when the PMI surveys are released later today.”
This follows August’s reading of 54.6, which saw service sector growth weighed down by a second consecutive decline in manufacturing activity.