S&P 500, Nasdaq close higher Monday, snapping four-day losing streaks: Live updates

Sarah Min
Yun Li

The S&P 500 climbed on Monday to kick off the final week in a September that has seen big losses so far.

The broader index rose 0.4% to 4,337.44. The Nasdaq Composite closed higher by 0.45% at 13,271.32. The Dow Jones Industrial Average added 43.04 points, or 0.13%, to 34,006.88. All three major averages snapped four-day losing streaks.

The 10-year Treasury yield was last higher by 10 basis points at 4.542%, reaching its highest level since 2007 when it hit 4.57%.

Stocks broadly shrugged off moves in the bond market. Chemical giant Dow was the best-performing member of the 30-stock index, rising 1.7% after an upgrade from JPMorgan. Eight of the 11 S&P 500 sectors were in positive territory, with energy leading the gains, up 1.3%.

Amazon shares climbed more than 1% after the online retail giant said Monday it will invest up to $4 billion in artificial intelligence firm Anthropic.

"This performance is surprisingly strong. And I think that it's really two reasons why the market isn't unhinging, one I think is technical, because [there is] a lot of support for the market at 4,300," said Jay Hatfield, chief executive officer at Infrastructure Capital Advisors. "It may not hold but there's support there."

"And then people are waiting for the right moment to get back on AI boom trade," he added.

Stocks have struggled this month as the Federal Reserve signaled higher interest rates for longer, sending bond yields higher. The market also contended with a rally in crude oil and a winning streak in the dollar during the seasonally weak trading month. Energy is the top-performing S&P 500 sector in September, up by more than 2%.

The S&P 500 has fallen nearly 4% in September, on pace for its second straight losing month and its worst month since December. The tech-heavy Nasdaq Composite is down 5.4% in September as growth stocks bore the brunt of the sell-off, also headed for its biggest monthly loss since December. The blue-chip Dow is off by a more modest 2% this month.

Investors are also closely monitoring progress on a budget resolution in Washington. Lawmakers over the weekend expressed few signs of movement on a deal that would keep the U.S. government funded for the remainder of the fiscal year. On Monday, Moody's Investors Service warned a shutdown would be a "credit negative" event for the U.S.

Mon, Sep 25 2023 4:26 PM EDT

Stocks close higher Monday

The major averages closed higher Monday.

The Dow Jones Industrial Average added 43.04 points, or 0.13%, to 34,006.88. The S&P 500 rose 0.4% to 4,337.44. The Nasdaq Composite close higher by 0.45% at 13,271.32.

All three major averages snapped four-day losing streaks.

— Sarah Min

Mon, Sep 25 2023 3:57 PM EDT

Consumer spending pullback can impact Urban Outfitters and Foot Locker, Jefferies warns

Urban Outfitters and Foot Locker are at risk if consumer spending slows, according to Jefferies.

After a recent survey, analyst Corey Tarlowe downgraded both stocks to hold from buy. Both slipped around 0.4% in Monday's session.

"US consumers are likely to curtail spending ahead, with apparel & footwear being the most likely areas of pullback," he said in a note to clients Monday. "With the resumption of student loan repayments, we believe this could be a catalyst that weighs further on already soft sales at some of our specialty apparel coverage. To this end, we believe URBN and FL could be affected."

— Alex Harring

Mon, Sep 25 2023 3:24 PM EDT

Chart breakdown just hit shows 'ominous precedent' historically, market technician says

A key technical change could signal challenges ahead for the market, according to BTIG.

These indicators have all been met just five times in the last three decades. And many stick out as particularly bad times in the market, setting what Jonathan Krinsky, BTIG chief market technician, called an "ominous precedent."

CNBC Pro subscribers can click here to see the factors that are raising the alarm and where in the market he sees big problems.

— Alex Harring

Mon, Sep 25 2023 3:03 PM EDT

Stocks are little changed in final hour of trading

Stocks were little changed shortly into the final hour of trading.

The Dow Jones Industrial Average was lower by 66 points, or 0.02%. The S&P 500 and Nasdaq Composite gained 0.01%, each.

— Sarah Min

Mon, Sep 25 2023 2:55 PM EDT

Schwab lowers fees on two fixed income funds

Schwab Asset Management announced Monday that it has cut the expense ratio for two of its income funds, including one that holds more than $11 billion.

The Schwab High Yield Bond ETF (SCYB) and Schwab U.S. TIPS ETF (SCHP) now have an expense ratio of 0.03% each. They previously had expenses of 0.10% and 0.04%, respectively. The changes put these funds in line with the rest of Schwab Asset Management's fixed income lineup.

The SCHP has more than $11 billion in assets under management, which makes it the third largest TIPS ETF by assets, according to VettaFi.

— Jesse Pound

Mon, Sep 25 2023 2:52 PM EDT

Trivariate Research remains bearish on financials

The outlook for financials in the medium-term remains challenging, according to Trivariate Research's Adam Parker.

"We all want to be contrarians, and even better contrarian bulls, but it is hard to create a medium-term fundamentally bullish story for most financials," Parker said in a Sunday note.

He cited tighter financial conditions for loans, a deteriorating consumer, challenging commercial real estate and high borrowing costs for housing as factors for a challenging backdrop in the sector.

"Current and likely increasing regulation makes the bull case. In other financials, we see it tough for asset managers with outflows, and even though we don't have any information on this, we wouldn't be surprised to see an insurance company be the next victim of rising rates, mismanaged risk, or a problem with private credit," Parker added.

In the banking sector, he said his only exposure is in the "biggest and best U.S. banks," which comprise of JPMorgan, Morgan Stanley and Goldman Sachs.

— Hakyung Kim

Mon, Sep 25 2023 2:30 PM EDT

Moody's warns government shutdown would be 'credit negative' for U.S.

Moody's Investors Service warned in a note on Monday that a U.S. government shutdown would be a "credit negative" event for the country.

"It would demonstrate the significant constraints that intensifying political polarization put on fiscal policymaking at a time of declining fiscal strength," the note said.

Moody's currently has an AAA stable rating on the U.S. government. Fitch downgraded its view of the the U.S. to AA+ from AAA in August.

Current federal spending laws are set to expire on Sept. 30.

— Jesse Pound

Mon, Sep 25 2023 2:02 PM EDT

Investors should be prepared to attack the weakness in the markets, Tony Dwyer says

As stocks continue to weaken, now is the time for investors to take advantage of opportunities to buy back into the market, according to Canaccord Genuity chief market strategist Tony Dwyer.

"What you want to do is look for when bad news becomes bad news and be ready to attack that kind of weakness — and we're getting closer to that point," Dwyer told CNBC's "Squawk Box" on Monday.

Dwyer has positioned himself slightly more on the defensive side, but not extraordinarily defensive so he can be in the position to take advantage of a "fear-based swoon that's likely to come when you're having historically high margins, expectations for earnings next year too high, and the earnings yield in the S&P 500 is roughly equivalent to the risk-free rate," he said.

— Lisa Kailai Han

Mon, Sep 25 2023 1:50 PM EDT

Market correction can provide opportunity in semis, Fairlead Strategies founder says

The current market drawdown could provide an opportunity for investing in semiconductor stocks, said Katie Stockton, founder of Fairlead Strategies.

When looking at the near-term, she pointed to difference within the subsector. While some semi stocks are seeing support, others are currently oversold.

"We do think that this is still a corrective phase that ... will culminate in a nice opportunity to add exposure to the semis," Stockton said on CNBC's "Squawk on the Street."

Stockton also said that technology stocks will likely lead the market out of a corrective phase. But she warned that Nvidia, the artificial intelligence darling whose stock has soared more than 185% in 2023, may not be a top performer this time around.

"We don't think it's going to be the leader that it was," she said. "But that's actually not that big of a statement given how extreme that leadership was."

— Alex Harring

Mon, Sep 25 2023 1:26 PM EDT

Chip stocks outperform Monday after lagging this month

Semiconductor stocks were among notable gainers Monday after lagging this month. The iShares Semiconductor ETF rose 0.4% in early afternoon trading, after falling more than 8% this month.

Nvidia shares were higher by more than 1%, while Broadcom gained more than 0.4%. Advanced Micro Devices climbed 0.6%.

— Sarah Min

Mon, Sep 25 2023 1:15 PM EDT

Jefferies downgrades Nike as near-term headwinds weigh on retailer

Jefferies analyst Randal Konik downgraded Nike to hold from buy on Monday and also lowered his price target.

"We see incremental risk ahead for NKE as the wholesale channel is likely to remain pressured and growth in China faces macro headwinds," Konik wrote in a Monday note. "Meanwhile, our consumer survey results indicate that US consumers are likely to reduce spending ahead, with apparel and footwear being the most likely areas of pullback."

Shares are trading 0.2% lower on Monday. CNBC Pro subscribers can read more here.

— Pia Singh

Mon, Sep 25 2023 12:54 PM EDT

Chevron stock rises after CEO says oil prices can climb even higher

It's possible that oil could hit $100 per barrel in the U.S. and a little higher overseas, Chevron chairman and CEO Mike Wirth told CNBC on Monday.

"We've seen a global economy that is continuing to do pretty well. We've seen some production cutbacks in some of the OPEC countries come on top of a market that was already showing some tightening," Wirth said. "It's fundamentally supply and demand, and prices have been firming here for a number of weeks. I think risks remain more to the upside than the downside."

Oil prices gained on Monday after Russia relaxed its fuel ban. The energy sector led the broader market and was up 1.3% in early afternoon trading. 

Shares of Chevron were up 1.3%. The stock is up more than 7% this year.

— Pia Singh

Mon, Sep 25 2023 12:53 PM EDT

Small caps outperform

Small cap stocks outperformed Monday, with the Russell 2000 and the S&P Small Cap 600 last rising by 0.6%, each. Both have underperformed this year. The Russell 2000 is up by more than 1%, while the S&P Small Cap 600 is off by 0.4%.

By comparison, the S&P 500 and the Nasdaq were just up 0.1%, each, on Monday. The Dow Jones Industrial Average was down 0.1%.

— Sarah Min

Mon, Sep 25 2023 12:43 PM EDT

Stocks making the biggest moves midday

These are some of the stocks making the biggest moves midday:

  • Alcoa — Shares of the aluminum stock slipped 5% after the company said executive vice president William Oplinger would succeed Roy Harvey as the CEO and president.
  • Williams-Sonoma — Shares of the home goods company jumped 9% after Green Equity Investors, an arm of investment firm Leonard Green and Partners, revealed a 5% stake.
  • JD.com — U.S.-listed shares of the Chinese e-commerce stock slid 2% as concerns mounted over the state of country's economy.

See the full list here.

— Alex Harring

Mon, Sep 25 2023 12:28 PM EDT

Stocks trade at session highs in midday trading

Stocks reached session highs midday Monday, all trading in positive territory.

The Dow Jones Industrial Averages gained 22.90 points, or 0.07%. The S&P 500 gained 0.37%, while the Nasdaq Composite advanced 0.48%.

Earlier in the day, the 30-stock index was down by as much as 183.17 points, or by 0.54%. The broad index fell as much as 0.4%, and the Nasdaq had dropped 0.6%.

— Sarah Min

Mon, Sep 25 2023 12:14 PM EDT

Guggenheim upgrades Microsoft—but isn't entirely sold on its AI promises

Guggenheim analyst John DiFucci upgraded Microsoft on Monday to neutral from sell, saying the "potential monetary benefit from Generative AI is too strong a force to contend with" despite the company's recent underperformance.

Microsoft shares were down slightly by 0.3% in midday trading.

CNBC Pro subscribers can read more here.

— Pia Singh

Mon, Sep 25 2023 11:43 AM EDT

Energy is the top gainer in the S&P 500

Energy was the leading advancer in the S&P 500 Monday, with the sector last rising 0.9% in midday trading.

Coterra Energy and EOG Resources shares outperformed in the sector, up by 2.3% and 1.9%, respectively. Shares of EQT were higher by 1.5%.

— Sarah Min

Mon, Sep 25 2023 11:17 AM EDT

JPMorgan upgrades chemical giant Dow Inc.

JPMorgan thinks now is the time to buy the dip in Dow Inc.

The bank upgraded Dow to overweight from neutral and maintained its price target of $55, implying shares can gain substantially from where they closed Friday. Shares of the chemical company are up 1.7% during Monday's trading session.

"We think the recent downward movement in equity values has given investors an opportunity to purchase Dow shares at a reasonable valuation," analyst Jeffrey Zekauskas wrote in a Monday note. 

CNBC Pro subscribers can read more behind the upgrade here.

— Pia Singh

Mon, Sep 25 2023 10:57 AM EDT

Citi upgrades Sealed Air Corp, says shares can rally more than 30%

Citi analyst Anthony Pettinari upgraded packaging company Sealed Air Corp to buy from neutral on Monday.

"Sentiment on SEE (and the broader packaging space) has been highly negative given share price weakness, persistent vol challenges, and downward earnings revisions," Pettinari said in a Monday note. "We see 3Q results as a potential catalyst, with upside from cost saves and reiterated volume outlook after a sharply lowered bar in 2Q."

Shares have plunged about 34% this year as it navigates a post-Covid lower growth environment. The stock gained more than 3% on Monday. CNBC Pro subscribers can read more here.

See Chart...
Sealed Air

— Pia Singh

Mon, Sep 25 2023 10:41 AM EDT

Early demand for new iPhones looks strong, Morgan Stanley says

The early demand metrics for the newest batch of iPhones are an encouraging signal for Apple investors, according to Morgan Stanley.

"As of Friday, Sept 22nd, lead times for all iPhone 15 models are ahead of the iPhone 14 cycle, with Pro/Pro Max lead times at new records. We're encouraged by these early data points, but the next 2 weeks will be critical in determining the directionality of the cycle & Dec Q iPhone builds/revenue," Morgan Stanley analyst Erik Woodring said in a note to clients on Sunday.

Shares of the tech giant were up 0.1% in morning trading.

— Jesse Pound

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