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Wall Street Opens Higher as Growth Fears Recede; Dow up 110 Pts

Stock MarketsSep 10, 2021 09:40AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened higher on Friday, sentiment boosted by the first call between the U.S. and Chinese presidents in seven months - even if no obvious progress was made in reducing tension between the world's two biggest economies.

By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was up 116 points, or 0.3%, at 34,995 points. The S&P 500 was up 0.4% and the Nasdaq Composite was up 0.5%.

The market shrugged off potentially negative news such as another multiyear high for producer price inflation, which accelerated to 8.3% in August from 7.8% in July, driven by a broad range of products rather than just meat and poultry, as one White House briefing this week had tried to depict. The market also shrugged off reports of Democratic senators presenting their plans to tax stock buybacks and close tax loopholes regarding remuneration of partnerships.

"The economic data continue to show sharply rising prices, which put pressure on fiscal and monetary authorities to adjust policy to prevent economic overheating," said Stephen Dover (NYSE:DOV), chief market strategist with Franklin Templeton, in a blog post before the publication of the PPI data. Comments out of the Federal Reserve this week have tended on balance to indicate that the Fed will likely signal a gradual tapering of its $120 billion monthly bond purchases from November onward.

On the upside, some market participants have been encouraged by signs that the U.S. Covid-19 infection curve is starting to dip, although that has come too late to stop three of the country's biggest airlines posting profit warnings on Thursday. Microsoft (NASDAQ:MSFT) on Thursday became the latest large-scale employer to scrap its plans to return the workforce to the office, following similar actions by a number of Big Tech and Wall Street names. 

Among the standout movers in early trading were Traeger (NYSE:COOK) stock, which gapped down 6.9% after the maker of smart grills disappointed with its first results since listing as a public company. Kroger (NYSE:KR) stock fell 7.1% after the grocery store chain also reported weak quarterly numbers. 

To the upside, Affirm (NASDAQ:AFRM) stock rose 22% after its quarterly report underlined how the buy-now-pay-later fintech is rapidly scaling up. That process is set to be accelerated even further when its intended partnership with Amazon (NASDAQ:AMZN) goes live. 

Chipmaking stocks were also in the ascendant, again, amid the ongoing shortage of their products which appears set to last well into next year. Intel (NASDAQ:INTC) stock was up 2.5% while Qualcomm (NASDAQ:QCOM) stock was up 2.9%. Both stand to gain from a relaxation of the rules in supplying high-tech components to China, a hope encouraged by the call between Joe Biden and Xi Jinping. 

Elsewhere, Peloton Interactive (NASDAQ:PTON) stock extended gains after rising 10% on Thursday in response to the company's announcement of plans for an own-apparel brand. The stock was up 5.1%. By contrast, Take Two Interactive Software stock fell 2.5% after pushing back the launch of its new iterations of Grand Theft Auto until well into next year.

Wall Street Opens Higher as Growth Fears Recede; Dow up 110 Pts
 

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Comments (19)
jemin An
jemin An Sep 10, 2021 11:29AM ET
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US has been doing DEBT PARTY so far and its comming time to pay.
neang aee 냥에
neang aee 냥에 Sep 10, 2021 11:13AM ET
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Nominal Growth on corpses of Real Growth
Daniel Hall
Daniel Hall Sep 10, 2021 11:10AM ET
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who moved my rally?
Kai Lo
Kai Lo Sep 10, 2021 11:08AM ET
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This didnt age well
Faisal Abdul Hadi
Faisal Abdul Hadi Sep 10, 2021 11:04AM ET
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Full of market manipulation.... Past 1 week Ustech100 is manipulated to go up and down at same rates without depending on news nor on companies profits....
Green Mango
Green Mango Sep 10, 2021 10:55AM ET
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What nonsense.  Everything being done is going to stall a recovery.  Overheating?  No way, get ready for growth revisions downward every month.  been here before.  Like watching the Cowboys working to come back and win last night only to fall short,  you've seen it all before.
Matthew VS
Matthew VS Sep 10, 2021 10:54AM ET
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Investing may want to update the news. Stocks reversed course sharply.
Steffen vdm
Steffen vdm Sep 10, 2021 10:43AM ET
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My fear is that the markets are growing way too fast. But hey, who am I?
Matthew Petyk
Matthew Petyk Sep 10, 2021 10:42AM ET
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Who writes this ******** Must come from kids working internships out their dads basement.
Green Mango
Green Mango Sep 10, 2021 10:42AM ET
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Ha, yes.  Colombia J school types.
Name Me
Name Me Sep 10, 2021 10:41AM ET
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This is crazy! how quickly this all changes, the futures in positive for whole F day and opening was positive, and this big fall even though PPI numbers were okay.
Ben Taylor
Ben Taylor Sep 10, 2021 10:36AM ET
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Stock market numbers change faster the gas station numbers.
Green Mango
Green Mango Sep 10, 2021 10:36AM ET
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Faster than I can consume my next cup of Java
mat connors
mat connors Sep 10, 2021 10:29AM ET
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In one day we changed to growth fears receding 🤣🤣🤣🤣🤡🤡🤡🤡
Me comment
Me comment Sep 10, 2021 10:15AM ET
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this headline lasted all of what 2 minutes max.
Chris Sundo
Chris Sundo Sep 10, 2021 10:14AM ET
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DOW down 60, not up .. LOL
Yen Cross
Yen Cross Sep 10, 2021 10:00AM ET
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Huh?
Caleb Ohaeri
Caleb Ohaeri Sep 10, 2021 9:57AM ET
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now we are seeing a plunge. red bulls
Mitchel Pioneer
Mitchel Pioneer Sep 10, 2021 9:54AM ET
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Ah yes, can't have a loss on a Friday in the US Ponzi Scheme, as the laughingstock of the financial world magically bounces off the break even line.  The Friday FRAUD unfolds, as the greatest investment joke in history prepares to send America into another weekend with a financial knife in their back.
Chunki Kim
Chunky Sep 10, 2021 9:51AM ET
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dropping now dude. the fear rises again rapidly for 10 mins?
Neel Shaksham
Neel Shaksham Sep 10, 2021 9:47AM ET
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go on with your manipulation. very soon will be doomed.
 
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