Key Takeaways
- The S&P 500 snapped a four-day losing streak to finish 0.4% higher on Monday, Sept. 25, 2023 as oil prices fell below $90 a barrel, and ahead of a key inflation report due later in the week.
- Citigroup upgrades boosted shares of Sealed Air, Steel Dynamics, and Cleveland-Cliffs.
- 3M shares dropped after the company stopped production of so-called "forever chemicals" at a plant in Belgium.
U.S. equities finished higher to open the last trading week of September as oil prices slipped below $90 a barrel and ahead of key inflation data coming this week. The S&P 500 gave up early gains and turned negative in the last hour, but then rallied b⛎ack to close up 0.4%. That snapped a four-day losing streak.
Steel Dynamics (STLD) shares rose 3%, and those of Cleveland-Cliffs (CLF) picked up 3% after Citigroup upgraded both stocks, pointing to the likelihood of rising sheet steel prices. A Citigroup upgrade for Sealed Air (SEE) also helpe🦄d lift shares of the packaging products firm, which rose 3.5%. Citi said Sealed Air i🌟s “positioned to outperform.”
Amazon (AMZN) shares added 1.7% as the online retailing giant 澳洲幸运5官方开奖结果体彩网:announced an up to $4 billion investment in 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) technology firm Anthropic.
Ford Motor Company (F) shares advanced more than 1% after Canadian labor union Unifor said its members agreed to ratify a new contract with Ford and after the United Auto Workers Union chose 澳洲幸运5官🤪方开奖结果体彩网:not to extend its strike to more Ford🧜 plants because contract talks with ဣthe carmaker were making progress.
Warner Bros. Discovery (WBD) shares dropped 4% amid concerns about the effect of the 澳洲幸运5官方开奖结果体彩网:tentative contract agreement reached this week💎end with striking writers, who have been on the picket lines for five months.
3M (MMM) shares slipped more than 2% when the conglomerate warned of a significant adverse impact on business at its Zwijndrecht plant in Belgium because production of so-calleওd “forever chemicals” there have been halted.
Tyson Foods (TSN) shares were 1% lower following reports the U.S. Department of Labor is investigating potential child labor law violations at the food processor and rival Perdue Farms.