The major averages closed mixed with the Nasdaq Composite getting a boost after the federal court ruled in favor of Alphabet on their antitrust case. The Dow Jones Industrial Average fell 35 points or 0.08%. The S&P 500 rose 32 points while the Nasdaq rose 218 points or 1%.
Google led the rally, up 8% after a federal judge ruled Tuesday that Google can keep its Chrome browser and won’t have to share their search data. The decision avoided the worst-case of the tech giant needing to break up their businesses. Apple rose 3% as the Google decision means that Apple can continue to preload Google Search onto its iPhones, which is a lucrative arrangement for Apple.
The weakness in the markets came from the energy and banking sectors. The price of oil fell 2.6% as OPEC+ considers raising production again. The weakness in the banks initially came from interest rates.
The 30 year Treasury briefly touched 5% before pulling back. The latest Labor Department’s Job Openings data came in below expectations. This Friday we get the August jobs report data.
As mentioned oil was lower, but the rest of the commodities were higher. Gold was up nearly a percent as bitcoin rose a percent while Ethereum rose over 4%.
September is a typically weak month for U.S. equity performance. Scott Wren, senior global market strategist at Wells Fargo Investment Institute, said that September has been the worst month for the S&P 500 since 1950, averaging a loss of 0.7%.
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