Wall Street Rallies After Last Week's Sell-Off, Palantir Soars On S&P 500 Inclusion, Airlines Rally: What's Driving Markets Monday?

Author: Piero Cingari | September 09, 2024 01:35pm

U.S. stocks started the new week with strong gains, as all major indices and sectors in the S&P 500 were in the green by midday in New York. This comes after Wall Street experienced its worst week of the year.

Investors kicked off Monday with renewed optimism, anticipating a boost from Apple Inc. (NASDAQ:AAPL)'s highly anticipated event and key inflation data for August, set to be released on Wednesday.

Economists are predicting a slowdown in the headline inflation rate from 2.9% in July to 2.6% year-over-year in August, potentially marking the lowest inflation level since March 2021. A lower inflation reading could reinforce market expectations for an aggressive rate-cut cycle from the Federal Reserve.

Airline stocks led the charge within industries, with the U.S. Global Jets ETF (NYSE:JETS) rising 2.6%, recovering from last month's losses.

In the semiconductor space, Palantir Technologies Inc. (NASDAQ:PLTR) surged 13%, logging its best one-day rally since February following news of the company's inclusion in the S&P 500 index.

Commodities also gained ground despite a 0.3% rise in the U.S. dollar. Oil prices climbed 1.6% amid production shutdowns in the Gulf of Mexico due to storm warnings. Gold edged up 0.2%, and silver rose 1.3%.

In the cryptocurrency market, Bitcoin (CRYPTO: BTC) jumped 2.8%, heading for its third consecutive session of gains.

Monday’s Performance In Major U.S. Indices, ETFs

Major Indices	Price	1-day chg. %
Dow Jones	40,984.61	1.6%
Nasdaq 100	18,691.03	1.5%
S&P 500	5,484.48	1.4%
Russell 2000	210.16	1.1%

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) was 1.3% higher to $547.30.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 1.5% to $410.13.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rallied 1.4% to $448.38.
• The iShares Russell 2000 ETF (NYSE:IWM) was 1.1% higher to $210.10.
• The Financials Select Sector SPDR Fund (NYSE:XLF) outperformed, up 2%, followed by the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY), up 1.8%.

Monday’s Stock Movers

• Moderna Inc. (NASDAQ:MRNA) surged 7% on Monday after its manufacturing facility in Laval, Quebec, received a Drug Establishment License (DEL) from Health Canada. This certification confirms the facility meets stringent safety and quality standards, granting it authorization to produce drug substances.
• MicroStrategy Inc. (NASDAQ:MSTR) soared 9.3% in reaction to Bitcoin’s surge.
• Arm Holdings Plc (NASDAQ:ARM) rallied 7% after reports surfaced that its AI chip technology will be integrated into Apple’s upcoming iPhone 16.

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Photo: ImageFlow on Shutterstock

Posted In: $BTC AAPL ARM DIA IWM JETS MRNA MSTR PLTR QQQ SPY XLF XLK XLP XLY