Stock market news today: US stocks keep grip on highs, looking to build on 7-week rally

U.S. stocks rose to begin the last full trading week of the year, with the Dow advancing toward another record even as Federal Reserve officials sought to rein in high expectations for interest rate cuts.

The Dow Jones Industrial Average (^DJI) rose about 0.1% at the opening bell after closing Friday at a new all-time high. The S&P 500 benchmark index (^GSPC) rose 0.2%, while contracts on the tech-heavy Nasdaq Composite (^IXIC) also rose about 0.2%.

Stocks have risen as investors I was more and more convinced the Federal Reserve make more rate cuts in 2024 than previously planned. Those hopes got a boost last week, when policymakers recognized his efforts to cool inflation They were having an impact.

But Federal Reserve officials have rejected bets on deeper and faster rate cuts. President of the Chicago Federal Reserve Austan Goolsbee said on Sunday that it is too early to claim victory over inflation after his New York counterpart, John Williams, said on Friday that talk of rate cuts is "premature."

Investors will closely monitor Friday's reading of the personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation, to help set expectations. Economists expect price pressures to have eased in November.

In individual companies, US Steel (x) shares soared more than 26% in early trading after Japan's Nippon Steel said it buy the company in a deal worth $14.9 billion. Its offer of $55 per share represents a premium of about 40% to the steelmaker's last closing price in August.

Meanwhile, Nio (CHILD) shares rose about 6% as investors absorbed the news that an Abu Dhabi investor will inject 2.2 billion dollars at the Chinese electric vehicle manufacturer.

In commodities, oil prices rose, reversing course after BP joined several container lines in Stop all travel through the Red Sea. after attacks on shipping. That could alter flows, analysts have warned. West Texas Intermediate (CL=F) futures were trading at just over $73 a barrel, while Brent crude futures (BZ=F) was trading above $78 a barrel.

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Monday, December 18, 2023 at 20:15 GMT+5:30

Apple shares fall after report that it will stop watch sales

Apple (AAPL) shares fell as much as 1.4% early Monday following a report from 9to5Mac That said, sales of the company's latest Apple Watch models will stop later this week.

The publication reported that sales of its Apple Watch Series 9 and Apple Watch Ultra 2 will be halted as a result of a patent dispute over the blood oxygen sensor built into the new devices.

According to 9to5Mac, the devices will not be available online starting Thursday afternoon and Apple stores will stop selling the products after Christmas Eve.

Read the full 9to5Mac story here.
Monday, December 18, 2023 at 20:02 GMT+5:30

Stocks open in green

U.S. stocks inched higher to start the last full trading week of the year.

The Dow Jones Industrial Average (^DJI) rose a modest 0.1% after closing Friday at a new all-time high. The S&P 500 benchmark index (^GSPC) rose 0.2%, while contracts on the tech-heavy Nasdaq Composite (^IXIC) also rose about 0.2%.
Monday, December 18, 2023 at 19:23 GMT+5:30

Stock futures rise

Stock futures rose slightly on Monday and the Dow Jones is aiming for another record high.

In premarket trading, the Dow Jones Industrial Average (^DJI) futures rose about 0.1% after closing at another all-time high on Friday. Contracts on the high-tech Nasdaq 100 (^NDX) also rose about 0.1%, while the S&P 500 (^GSPC) futures rose about 0.2%.