US Stocks Close Mixed After Market Turbulence

NEW YORK, Sept 11 (Bernama-Xinhua) -- US stocks ended mixed on Tuesday after market turbulence, as significant events and data releases are on the horizon, reported Xinhua.

The Dow Jones Industrial Average fell 92.63 points, or 0.23 per cent, to 40,736.96. The S&P 500 added 24.47 points, or 0.45 per cent, to 5,495.52. The Nasdaq Composite Index increased 141.28 points, or 0.84 per cent, to 17,025.88.

Nine of the 11 primary S&P 500 sectors ended in green, with real estate and consumer discretionary leading the gainers by going up 1.77 per cent and 1.39 per cent, respectively. Meanwhile, energy and financials led the laggards by dropping 1.92 per cent and 0.98 per cent, respectively.

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The debate on Tuesday night between US Vice President Kamala Harris and former President Donald Trump could impact the markets if it alters expectations for the November election or provides new insights into economic policy plans.

Additionally, Wednesday's inflation report may shape forecasts for next week's Federal Reserve meeting. Although most anticipate a quarter-point interest rate cut, recent economic weaknesses have led some to speculate about a potentially larger reduction.

"Given the market's aggressive expectations for the Fed rate cuts, a hotter reading should lead to downside volatility," said Sameer Samana at Wells Fargo Investment Institute.

"A cooler print has more two-way risk as it creates more room for the Fed to cut, but may also indicate the economy is slowing faster than anticipated."

On the corporate front, Tesla led the surge in megacap stocks. Oracle reached a record high, continuing its upward momentum. Meanwhile, Bank of America announced that its investment banking results would fall short of some Wall Street projections. Shares of JPMorgan Chase dropped 5.19 per cent, as the company also issued a more cautious outlook on its earnings expectations.  

-- BERNAMA-XINHUA