US Stock Market Overview – Stocks Close Mixed as the Nasdaq Leads; The S&P 500 Closes Out a Banner MonthApple and Tesla trade post-split and continue to rally
US Stocks were mixed on Monday as the Nasdaq continued to surge to fresh all-time highs while the Dow Industrials lagged. Most sectors in the S&P 500 index were lower, led down energy shares, while Healthcare bucked the trend. Apple and Tesla continued to move higher as their company stock splits when into effect on Monday. Tesla shares were up more than 12% as investors continue to purchase the electric vehicle manufacturer. On Tuesday ISM will report on its manufacturing report which will provide investors with a clue of how the US economy is performing in August.
On Friday, before the long holiday weekend, the Labor Department will report on non-farm payrolls. The S&P 500 index closed out the month with the best performance since April. The large-cap index notched up a gain of more than 7% hitting multiple all-time highs. Looking forward to September, historically the S&P 500 index has increased 70% of the time during the past 10-years for an average gain in the large-cap index of 0.8%.
Fed Vice Chair Clarida was on the tape on Monday, saying that The Federal Reserve will not raise interest rates just because the unemployment rate is falling. Despite the rally in the Nasdaq and the S&P 500 index hitting fresh highs, the VIX volatility index has climbed back above the 25% level, which is reflecting some nervousness in the market and potentially a reversal as we move into September. Oil prices moved lower along with natural gas prices which weighed on the energy sector. Gold and silver prices moved higher as the dollar declined to help to buoy the metal and mining sector.
United and Delta Scrap Change Fees
Both United And Delta announced on Monday that they would be scrapping ticket changing feeds on seat permanently. United initially announced this information first, but Delta followed suit. Other airlines are likely to make the change permanent as well.