Stock Market Today: Dow ekes out gain as energy, tech rise; Fed meeting eyed
Investing.com — The Dow eked out a win Monday, as gains in tech and energy helped offset Tesla-led weakness in consumer stocks just a day ahead of the Federal Reserve's two-day meeting.
The Dow Jones Industrial Average gained 0.02%, 6 points, the Nasdaq was flat with gains of 0.01%, while S&P 500 ended up 0.1%.
Apple (NASDAQ:AAPL) rose more than 1% as some Wall Street cheered signs of stronger demand for the tech giant’s newly launched iPhone 15, particularly for the higher-priced iPhone Pro and Pro Max models, compared with initial demand for the iPhone 14.
“iPhone 15 pre-orders began this Friday and so far (as of Sunday pm) are tracking much stronger than we and the Street expected and up roughly 10%-12% from iPhone 14 based on our analysis,” Wedbush said in a recent note.
But not everyone on Wall Street is waxing lyrically about the strength of the iPhone 15 launch. Barclays said that early pre-order data pointed to a difficult iPhone 15 cycle in China, with demand trending toward the lower-priced iPhone 15.
Energy stocks, which are up about 20% since July, continued to add to recent gains underpinned by a climb in oil prices to November 2022 highs amid ongoing optimism following recent supply cuts extensions by Saudi Arabia and Russia.
Arm Holdings (NASDAQ:ARM) fell more than 4% as the chip designer lost some momentum following its stock market debut last week.
Despite the slip, shares of ARM remained well above its IPO price of $51 following a 25% on its debut on Nasdaq on Sept. 15.
In other chip news, Micron Technology Inc (NASDAQ:MU) ended up 1% after Deutsche Bank upgraded its rating on the stock to buy from hold amid optimism that AI-fueled demand for higher performing artificial intelligence services will
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