US stocks are wavering on Wall Street as the market remains unsettled following weeks of sharp swings.
The S&P 500 rose 0.3 per cent in afternoon trading and has been shifting between slight gains and losses throughout the day. It’s only 3.2 per cent below its record set in July, but it’s been careening down and up since then amid worries about the slowing US economy and whether coming cuts to interest rates will keep it out of a possible recession.The Dow Jones was down 119.6 points, or 0.3 per cent, and the Nasdaq composite was 0.7 per cent higher.
Apple, which unveiled its latest iPhone model on Monday, wasn’t the only American tech company being punished by European regulators Tuesday. Google lost its final legal challenge against a European Union penalty for giving its own shopping recommendations an illegal advantage over rivals in search results. The decision ends the long-running antitrust case that comes with 2.4 billion euro penalty.Oracle jumped 11.
Reports coming on Wednesday and Thursday on inflation could influence the size of the Fed’s upcoming cuts. The worst case for the Fed would be if inflation were to reaccelerate when the job market looks fragile, because helping either of those would require opposing moves. For as much attention as the presidential debate is getting, the “market moving implications are almost nonexistent,” according to Julian Emanuel and other strategists at Evercore ISI.
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