Stock market today: S&P 500, Nasdaq rise amid more signs of inflation cooldown

Live6 updates

• Thu, September 12, 2024 at 6:45 PM GMT+2

  GM, Hyundai to explore jointly developing cars to ‘unlock scale’

  Yahoo Finance’s Pras Subramanian reports:

  GM (GM) and Hyundai (HYMTF) signed an agreement on Thursday morning to explore jointly developing cars, powertrains, and various technologies, signaling how far Korean automakers have come over the past 30 years.

  Under the non-binding memorandum of understanding signed by Hyundai Motor Group executive chair Euisun Chung and GM CEO Mary Barra, the two companies will collaborate and co-develop projects, including production of passenger and commercial vehicles and powertrain technologies including gas-powered motors and clean-energy options, which would include electric and hydrogen options.

  The two automaker giants said they would examine opportunities to combine resourcing for battery raw materials, steel, and other commodities.

  Read more here.

• 

  Thu, September 12, 2024 at 6:00 PM GMT+2

  Mortgage payments cheaper than a year ago thanks to rate decline: Redfin

  Buying a home has become more affordable compared to a year ago, according to new data from Redfin.

  Redfin found the median monthly mortgage payment reached $2,558 during the last four weeks ending September. That’s a 1.3% decline from last year.

  A big help has been declining mortgage rates. The average rate on the 30-year fixed rate mortgage fell to 6.2% this week, according to data from Freddie Mac. Mortgage rates have fallen more than half a percentage point over the past six weeks as investors anticipate a rate cut from the Fed. They are at their lowest level since February 2023.

  Still, home prices haven’t come down from their highs. The median sales price stands at $388,085, a 3.7% increase year over year, Redfin data shows. Home prices remain elevated due to lack of supply. That, plus buyer expectations that rates will move lower after the Fed eases monetary policy, is still keeping the housing market at a standstill.

• 

  Thu, September 12, 2024 at 5:25 PM GMT+2

  Apple receives approval from FDA for AirPod hearing aid software

  Apple (AAPL) received approval from the US Food and Drug Administration for its hearing aid software to be used in AirPods.

  The feature was first unveiled at the tech giant’s annual product launch in California earlier this week.

  Once installed and customized, the over-the-counter hearing aid software is “intended to amplify sounds for individuals 18 years or older with perceived mild to moderate hearing impairment,” according to the FDA statement.

• 

  Thu, September 12, 2024 at 4:35 PM GMT+2

  ‘No huge surprises’: Why Apple stock hasn’t moved much on iPhone 16 news

  Yahoo Finance’s Madison Mills reports:

  Apple’s artificial intelligence offering, Apple Intelligence, was the star of its annual iPhone event on Monday.

  But for investors, the slow rollout of Apple Intelligence could pose a problem. While Apple’s iPhone 16 hits stores on Sept. 20, the software update required for Apple Intelligence won’t be available for US English users until October.

  The disconnect between the hardware and software may have been one reason why Apple stock didn’t move much on the news. Shares of the iPhone maker were down by about 0.9% during the company’s “Glowtime” presentation in Cupertino, Calif., and they were up less than 1% over the three days since the event.

  Read more here.

• 

  Thu, September 12, 2024 at 4:08 PM GMT+2

  Delta issues strong outlook despite summer tech glitch

  Delta (DAL) stock jumped before dipping frieinto negative territory Thursday after the airline said its full-year profit will come at the midpoint of its previously anticipated range despite a computer glitch earlier this summer.

  The airline sees full-year adjusted earnings per share at or above $6.50, versus a prior estimate of $6 to $7, excluding the impact of a global tech outage in July.

  Delta shares fell nearly 2% in early trading.

• 

  Thu, September 12, 2024 at 3:32 PM GMT+2

  Stocks steady amid more cooling inflation data, higher than expected jobless claims

  Stocks were little changed on Thursday as investors digested a fresh batch of data that could provide clues on how big of an interest rate cut the Federal Reserve will decide to implement at its policy meeting this month.

  The S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) were flat, coming off sharp closing gains fueled by a tech rally. The Dow Jones Industrial Average (^DJI) was also little changed.

  On the inflation data front, the Producer Price Index rose 0.2% in August from the prior month, slightly higher than what economists had been expecting. Meanwhile July’s PPI reading was revised to the downside. On a year-over-year basis, wholesale prices rose 1.7%, in line with expectations.

  Weekly initial jobless claims rose by 2,000 to 230,000, higher than what economists had been anticipating.

  Investors are paying close attention to these data points as the Federal Reserve prepares to meet next week. The markets have been widely anticipating a rate cut. What is unknown is how big that cut will be.