U.S. stocks close mixed after market turbulence

NEW YORK, Sept. 10 (Xinhua) — U.S. stocks ended mixed on Tuesday after market turbulence, as significant events and data releases are on the horizon.
The Dow Jones Industrial Average fell 92.63 points, or 0.23 percent, to 40,736.96. The S&P 500 added 24.47 points, or 0.45 percent, to 5,495.52. The Nasdaq Composite Index increased 141.28 points, or 0.84 percent, to 17,025.88.
Nine of the 11 primary S&P 500 sectors ended in green, with real estate and consumer discretionary leading the gainers by going up 1.77 percent and 1.39 percent, respectively. Meanwhile, energy and financials led the laggards by dropping 1.92 percent and 0.98 percent, respectively.
The debate on Tuesday night between U.S. Vice President Kamala Harris and former President Donald Trump could impact the markets if it alters expectations for the November election or provides new insights into economic policy plans.
Additionally, Wednesday’s inflation report may shape forecasts for next week’s Federal Reserve meeting. Although most anticipate a quarter-point interest rate cut, recent economic weaknesses have led some to speculate about a potentially larger reduction.
“Given the market’s aggressive expectations for the Fed rate cuts, a hotter reading should lead to downside volatility,” said Sameer Samana at Wells Fargo Investment Institute. “A cooler print has more two-way risk as it creates more room for the Fed to cut, but may also indicate the economy is slowing faster than anticipated.”
On the corporate front, Tesla led the surge in megacap stocks. Oracle reached a record high, continuing its upward momentum. Meanwhile, Bank of America announced that its investment banking results would fall short of some Wall Street projections. Shares of JPMorgan Chase dropped 5.19 percent, as the company also issued a more cautious outlook on its earnings expectations. ■