S&P 500 hits record close, Dow Jones sheds 220 points

US stocks rose at the close of Sept. 10 session, supported by signs of easing inflationary pressures and a positive performance by several major technology companies.

The Dow Jones Industrial Average edged down 0.48%, or 220 points, to 45,490 points.

The S&P 500 Index increased 0.30%, or 19 points, to 6,532 points, setting a new record high, while the Nasdaq Composite remained flat at 21,886 points.

The negative performance of the Dow Jones was weighed down by a 3.32% drop in Amazon shares to $230.33, in addition to a 3.14% decline in Apple shares to $226.79, after the new iPhones failed to revive investor sentiment. Meanwhile, Oracle shares surged by nearly 36% to $328.33, supported by promising prospects for its cloud computing business. This also contributed to a 3.85% rise in Nvidia shares to $177.33, preventing the Nasdaq index from declining.

As for the European indices, STOXX Europe 600 remained stable at 552 points at close.

FTSE 100 shed 0.19% to 9,225 points, while Germany’s DAX fell by 0.36% to 23,632 points. France’s CAC 40 inched up by 0.15% to 7,761.

In Japan, Nikkei 225 climbed 0.87% to 43,837 points, while the broader Topix index added nearly 0.6% to end at 3,140 points.

In the oil market, futures contracts for Brent crude for November delivery rose 1.66%, or $1.10, to $67.49 per barrel.

West Texas Intermediate (WTI) crude futures for October delivery advanced by 1.66%, or $1.04, to $63.67 a barrel.

Gold futures for December remained unchanged at $3,682 per ounce.

Data released today showed that the US Producer Price Index (PPI) fell by 0.10% on a monthly basis in August, contrary to expectations, boosting hopes that the Federal Reserve may resume interest rate cuts in next week’s meeting.