Market Update
On Monday, the Nasdaq Composite increased by 1.8%, the S&P 500 rose by 1.2%, and the Dow Jones gained 0.5% as of midday. The S&P 500 is now approximately 1% below its record high set last month. Meta Platforms saw an 8.6% jump in its stock price after its Muse AI agent became the top free app download on iPhones in the U.S. for three consecutive days.
Brent crude oil prices dropped about 3.4% to $100.30, down from nearly $110 last week, contributing to easing Treasury bond yields, with the 10-year yield falling over 3 basis points to 4.96%. Advanced Micro Devices and Intel stocks rose by 9.1% and 14% respectively, boosted by increased demand for chips due to the popularity of Meta’s AI product.
Additionally, regular gasoline prices have risen to an average of nearly $4.48 per gallon, up from $4.32 last week and $3.18 a year ago. This week, important discussions are set to take place, including a visit from Chinese President Xi Jinping from September 23 to 25, which could impact market dynamics further.
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