US stocks rose today after another disappointing week ending September, but analysts warned that uncertainty is troubling investors. After the worst month for the market in 20 years, major stock indexes rebounded some of Friday’s losses, with the Dow Jones Industrial Average rising 1.55% to 29,171.23 at 10:04 a.m. ET.
Ten of the 11 major S&P 500 sectors advanced in early trading, with the energy sector leading the way. Megacap development and technology companies such as Apple and Microsoft also advanced 1.5% each.
The S&P 500 was up 54.78 points, or 1.53%, at 3,640.40 and the Nasdaq Composite was up 127.33 points, or 1.20%, at 10,702.95.
“These aren’t huge gains, but that doesn’t make them any less welcome — certainly not after the month that just ended,” said Patrick J. O’Hare, analysts at Briefing.com.
“The understandable question on everyone’s mind is will they last? After all, something is cracking beneath the surface.”
“We could only see a rebound at the start of the quarter due to low sentiment and the lows reached at the tail-end of last quarter,” said Jason Pride, chief investment officer for private property at Glenmead in Philadelphia.
concerned investor
Investors are concerned about the US Federal Reserve’s aggressive policy path as it struggles to reduce inflation to the highest in 40 years as well as the impact of rising interest rates on the financial sector.
Global banking giant Credit Suisse is trying to reassure markets that it has enough capital to fund a planned restructuring, but panic sent stocks plunge on Monday.
Meanwhile, major automakers are expected to report a modest decline in U.S. new vehicle sales, but analysts and investors worry that a dark economic picture, not a lack of inventory, will be the reason for declining future car sales. Will be made
Tesla shares fell 7% after selling fewer vehicles than expected in the third quarter as logistical constraints caused deliveries to lag production. Pierce Lucid Group fell 2% and Rivian Automotive 3.9%.
Oil majors Exxon Mobil and Chevron Corp surged more than 3% tracking a jump in crude oil prices, sources said, after the Organization of the Petroleum Exporting Countries and its allies reported their biggest gains since the start of the coronavirus pandemic. Considering cutting production.
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