AVN 68.30 Increased By ▲ 0.55 (0.81%)
BAFL 31.06 Increased By ▲ 0.08 (0.26%)
BOP 4.93 Increased By ▲ 0.12 (2.49%)
CNERGY 3.90 Increased By ▲ 0.14 (3.72%)
DFML 13.93 Decreased By ▼ -0.05 (-0.36%)
DGKC 42.80 Increased By ▲ 1.80 (4.39%)
EPCL 47.77 Increased By ▲ 0.72 (1.53%)
FCCL 12.10 Increased By ▲ 0.45 (3.86%)
FFL 5.30 Increased By ▲ 0.14 (2.71%)
FLYNG 6.25 Increased By ▲ 0.31 (5.22%)
GGL 11.08 Decreased By ▼ -0.21 (-1.86%)
HUBC 66.94 Decreased By ▼ -1.01 (-1.49%)
HUMNL 5.87 Increased By ▲ 0.17 (2.98%)
KAPCO 28.02 Decreased By ▼ -0.02 (-0.07%)
KEL 2.36 Increased By ▲ 0.09 (3.96%)
LOTCHEM 26.55 Increased By ▲ 0.35 (1.34%)
MLCF 22.55 Increased By ▲ 0.89 (4.11%)
NETSOL 87.40 Increased By ▲ 0.95 (1.1%)
OGDC 107.16 Increased By ▲ 6.67 (6.64%)
PAEL 11.45 Increased By ▲ 0.30 (2.69%)
PIBTL 4.27 Increased By ▲ 0.03 (0.71%)
PPL 84.70 Increased By ▲ 4.10 (5.09%)
PRL 13.66 Increased By ▲ 0.43 (3.25%)
SILK 0.95 Increased By ▲ 0.04 (4.4%)
SNGP 45.39 Increased By ▲ 1.49 (3.39%)
TELE 6.21 Increased By ▲ 0.14 (2.31%)
TPLP 16.07 Increased By ▲ 0.22 (1.39%)
TRG 123.90 Increased By ▲ 2.32 (1.91%)
UNITY 14.31 Increased By ▲ 0.31 (2.21%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 4,276 Increased By 95.2 (2.28%)
BR30 15,683 Increased By 412.9 (2.7%)
KSE100 42,467 Increased By 743.3 (1.78%)
KSE30 16,021 Increased By 275.4 (1.75%)
Follow us

NEW YORK: US stock indexes rose on Monday after sharp declines last week although losses in Tesla Inc capped the gains on the Nasdaq after the world’s most valuable electric-vehicle maker missed quarterly delivery targets.

Ten of the 11 major S&P 500 sectors advanced in early trading, with the energy sector leading gains. Megacap growth and technology companies such as Apple and Microsoft also advanced 1.5% each.

“We could see a rebound in the beginning of the quarter simply due to the low sentiment and the lows that were reached at the tail-end of the last quarter,” said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.

All three major indexes ended a volatile third quarter lower on Friday on growing fears that the Federal Reserve’s aggressive monetary policy will tip the economy into recession.

“We suspect during the quarter it is going to become more apparent that we are getting closer to a recession as the Fed continues to increase rates and that should probably keep the market closer to, if not below, the lows that it is already at.” Meanwhile, major automakers are expected to report modest declines in US new vehicle sales, but analysts and investors are concerned that a darkening economic picture, not inventory shortages, will lead to a drop in future car sales.

Tesla Inc fell 7% after it sold fewer-than-expected vehicles in the third quarter as deliveries lagged way behind production due to logistic hurdles.

Peers Lucid Group fell 2% and Rivian Automotive 3.9%.

Oil majors Exxon Mobil and Chevron Corp rose more than 3%, tracking a jump in crude prices as sources said the Organization of the Petroleum Exporting Countries and its allies are considering their biggest output cut since the start of the COVID-19 pandemic.

At 10:04 a.m. ET, the Dow Jones Industrial Average was up 445.72 points, or 1.55%, at 29,171.23, the S&P 500 was up 54.78 points, or 1.53%, at 3,640.40, and the Nasdaq Composite was up 127.33 points, or 1.20%, at 10,702.95.

Data showed global factory output mostly weakened in September as slowing demand added to the pain from persistent cost pressures and tighter monetary policy, diminishing economic recovery prospects.

In the United States, manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September as new orders contracted, likely as rising interest rates to tame inflation cooled demand for goods.

Credit Suisse and Citigroup became the latest brokerages to bring down their 2022 year-end targets for the S&P 500 index, as US equity markets bear the heat of aggressive central bank actions to tamp down inflation.

Credit Suisse also set a 2023 year-end price target for the benchmark index at 4,050 points, adding that 2023 would be a “year of weak, non-recessionary growth and falling inflation.” Advancing issues outnumbered decliners by a 4.49-to-1 ratio on the NYSE and a 2.43-to-1 ratio on the Nasdaq.

The S&P index recorded no new 52-week highs and 23 new lows, while the Nasdaq recorded 37 new highs and 177 new lows.

Comments

Comments are closed.

samir sardana Oct 05, 2022 04:48am
DOW IS UP 1500 POINTS IN 2 DAYS IT SEEMS THE RECESSION IS OVER THE SHEMITAH NEW YEAR IS OVER ! SOLAR AND LUNAR CYCLES WILL ALSO PASS ONLY IF SOME DISASTER OCCURS IN UKRAINE WILL THERE BE A CRASH DOLLAR STRENGTH HAS ALSO COME TO AN END ! DOW TRADING IS THE PATH TO SALVATION ! W/O FINANCIAL FREEDOM - THERE CAN BE NO SALVATION ! DOW IS THE SUN ! IT NEEDS NO SOLAR CYCLE OR SHEMITAH ! NULCEAR FUSION IS IN NEW YORK ! EVERYTHING ROTATES AROUND THE DOW (THE SUN)! dindooohindoo
thumb_up Recommended (0)

Wall Street jumps over 1pc to start Q4

Intra-day update: Bullish run at PSX, KSE-100 up over 800 points

Rupee gains 1.04%, closes at 270.51 against US dollar

Pak Suzuki raises car prices for second time in a month

Not received LHC order suspending resignations of 43 PTI MNAs: NA speaker

Qatar agrees to buy OGDCL, PPL shares

Islamabad court rejects Sheikh Rashid’s second post-arrest bail

Most of country’s PSEs ripe for sale or closure?

India says debt talks in focus at G20 finance meet

IMF talks: ‘Some understanding’ reached: MoS Pasha

PM forms body to activate STZA