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HomeFinance NewsLive updates on today's stock market performance in under 13 words

Live updates on today’s stock market performance in under 13 words

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Stocks closed higher on Monday, with the Dow Jones Industrial Average adding 43.04 points, or 0.13%, to end at 34,006.88. The S&P 500 rose 0.4% to 4,337.44, and the Nasdaq Composite closed higher by 0.45% at 13,271.32. This positive performance ended a four-day losing streak for all three major averages. Analysts at Jefferies warned that Urban Outfitters and Foot Locker may be at risk if consumer spending slows down, leading to downgrades of both stocks. Other news included Schwab Asset Management cutting fees on two income funds, Trivariate Research remaining bearish on financials, Moody’s warning of the negative impact of a potential U.S. government shutdown, and Tony Dwyer of Canaccord Genuity advising investors to take advantage of market weakness to buy into the market.

An hour ago, stocks closed higher after four consecutive days of losses. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted gains, providing a positive ending to the trading session. However, concerns were raised about the potential impact of a consumer spending pullback on retailers Urban Outfitters and Foot Locker, leading analyst Corey Tarlowe of Jefferies to downgrade both stocks. The recent survey conducted by Jefferies suggests that US consumers are likely to reduce spending, particularly in apparel and footwear, due to factors such as the resumption of student loan repayments. Jefferies’ downgrade reflects concern for the potential impact on sales and warns that Urban Outfitters and Foot Locker could be affected.

In other news, Schwab Asset Management announced a cut in expense ratios for two of its income funds, aligning them with the company’s fixed income lineup. Trivariate Research’s Adam Parker expressed a bearish outlook on the medium-term prospects for financials due to factors such as tightening loan conditions and challenging commercial real estate. Moody’s warned that a US government shutdown would be credit negative for the country and cited political polarization and declining fiscal strength as factors contributing to the credit negative event. Market strategist Tony Dwyer advised investors to be prepared to take advantage of weakness in the market, while Katie Stockton of Fairlead Strategies suggested that the current market drawdown could present opportunities for investing in semiconductor stocks. The day also saw semiconductor stocks rebound after lagging this month, as well as downgrades for Nike by Jefferies and Chevron stock rising on CEO Mike Wirth’s comment about the potential for oil prices to climb higher. Additionally, small cap stocks outperformed, while Alcoa and Williams-Sonoma were among the stocks making the biggest moves midday.

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