Pediafx.com – Monday 29 August 2023
Pediafx.com, New York – The US stock market strengthened in Monday’s trading, August 28, 2023. Wall Street attempted to soar amidst the correction during August 2023.
Quoted from CNBC on Tuesday (8/29/2023), at the closing of Wall Street trading, the Dow Jones index jumped 213.08 points or 0.62 percent to the position of 34,559.98. The S&P 500 index rose 0.63 percent to 4,433.31. The Nasdaq index climbed 0.84 percent to 13,705.13.
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These three benchmark indexes have weakened throughout August 2023. The S&P 500 index declined by 3.4 percent, while the Nasdaq and Dow Jones indexes fell by 4.5 percent and 2.8 percent, respectively.
Shares of Meta and Apple strengthened. Meanwhile, Nvidia’s stock rose by 1.8 percent. Shares of electric vehicle manufacturer Tesla increased by 0.1 percent.
The movement of technology stocks occurred as the technology sector regained its footing at the end of August. The information technology sector in the S&P 500 fell by 4.6 percent in August 2023.
Outside the technology sector, 3M shares surged more than 5 percent, a day after Bloomberg reported, citing sources, that the company is preparing to settle lawsuits alleging some defective earplugs.
On the other hand, the stock rally at the beginning of this week was also quite broad. 10 out of the 11 stock sectors in the S&P 500 were positive. The utility sector stocks declined by 0.04 percent.
“Currently, it’s more of a cyclical stock increase compared to technology, and I think it’s only coming from stronger growth than expected outside the United States,” said Co-Chief Investment Officer of Certuity, Dylan Kremer.
“The increase in technology stocks this year is driven by artificial intelligence and also quality factors within technology companies,” he added.
Kremer stated that the slowdown in growth stocks may be overcome. “You might see investors starting to prefer cyclical stocks over technology in the short term.”
