Stocks were mixed Monday as market participants traded ahead of the Federal Reserve's next policy decision due out on Wednesday. The Dow Jones Industrial Average rose over 200 points to settle at a new all-time high, while the S&P 500 Index ticked 0.13% higher and the Nasdaq Composite declined over 0.5%.
Here's how the market settled on Monday:
S&P 500 Index (NYSE: SPY): +0.13% or +7.07 points to 5,633.09
Dow Jones Industrial Average (NYSE: DIA): +0.55% or +228.30 points to 41,622.08
Nasdaq Composite Index (NASDAQ: QQQ): -0.52% or -91.85 points to 17,592.13
In Economic News:
New York Manufacturing Activity unexpectedly turned positive in September for the first time since November, according to the New York Fed's Empire State Manufacturing Survey released Monday. The survey posted a reading of 11.5, representing the difference in companies reporting expansion versus contraction. September's total was up -4.7 in August and came in ahead of analyst expectations.
In Single-Stock News:
Amazon (NASDAQ: AMZN) on Monday told employees to return to the office five days a week next year, shifting from its previous policy that required corporate workers to be in the office at least three days a week. The company also plans to "remove layers and flatten organizations," across its corporate structure by having fewer managers.
"Before the pandemic, it was not a given that folks could work remotely two days a week, and that will also be true moving forward -- our expectation is that people will be in the office outside of extenuating circumstances," Jassy wrote.
Boeing (NYSE: BA) shares declined after the aerospace manufacturer announced a hiring freeze as it works to cut costs and respond to a strike of more than 30,000 factory workers. The company will also stop purchase orders for 737 Max, 767 and 777 models and reduce supplier spending.
"We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume," CFO Brian West said in a note to staff. "However, our business is in a difficult period. This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future."
Apple (NASDAQ: AAPL) shares were under pressure Monday on analysts' concerns over early iPhone 16 Pro shipping data showed low demand.
JPMorgan analyst Samik Chatterjee wrote in a note that early lead time data showed slower-than-expected demand for the Pro model compared to early data for the iPhone 15 Pro. Bank of America analyst Wamsi Mohan wrote in a separate note that shipping times for the iPhone 16 Pro appear to be slower than last year.
"Supply and pricing could be affecting lead times," Mohan wrote. "Though the extension of ship dates can be reflective of iPhone demand, other factors such as supply, inventory, allocation and pricing could be impacting the ship dates."
For Tuesday:
Market participants will remain focused on the central bank's September policy decision, with policymakers widely expected to issue the first interest rate cut since it began its hiking cycle in March 2022. The Fed's target rate currently is in the range of 5.25% to 5.50%.