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Stocks were mixed on Monday, with the Nasdaq alone starting the new quarter in the green after US lawmakers averted a government shutdown and as auto deliveries data rolled in.
The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) dropped about 0.4% each, while the tech-heavy Nasdaq Composite (^IXIC) was up roughly 0.2% as Goldman Sachs strategists said valuations in the sector were historically cheap.
In a surprise turnabout, Congress on Saturday sealed a last-second deal to sidestep a shutdown that had seemed all but inevitable. That brought some relief to investors concerned by the threat of significant harm to the economy and stock market. But as the agreement brought just a temporary extension to the budgetary wrangling, the relief could be just as short-lived.
The major gauges still face other headwinds that helped drag stocks to sharp losses for the quarter and month on Friday, with the Federal Reserve’s message that rates will stay higher for longer ringing in investors’ ears. Oil prices and Treasury yields (^TNX) are still rising and piling on pressure.
But the US funding deal could fuel expectations that the Fed will hike rates in November, some traders believe.
till hanging over markets is the United Auto Workers strike, which was extended to more Ford and GM plants on Friday. A deal between the UAW and Mack Trucks in their dispute on Sunday could provide reason for optimism.
Auto companies report deliveries for the third quarter this week, which should help the market gauge the impact of the strike action. Shares in Tesla (TSLA) reversed an early decline after the EV maker undershot analysts’ estimates for deliveries, while rival Rivian’s (RIVN) stock was also in focus as its figures beat expectations.
Elsewhere, the World Bank slashed its outlook for China’s growth in 2024, even as it kept its forecast for 2023 unchanged, sparking worries about demand in the world’s second-biggest economy. The bank pointed to its failure to fully recover from the pandemic impact and the ongoing debt crisis in its property sector.
Meanwhile, investors are counting down to the week’s data highlight, the September US jobs report on Friday. Updates on US manufacturing from ISM and S&P Global are on Monday’s docket.
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