The New York stock market opened on an upward trend on the 8th.
As of 9:33 a.m. on that day, the Dow Jones Industrial Average had risen by 130.54 points (0.30%) to 44,099.18 on the New York Stock Exchange (NYSE), the Standard & Poor's (S&P) 500 index was up 22.25 points (0.35%) at 6,362.25, and the Nasdaq index moved up 60.93 points (0.29%) to 21,303.63.
By sector, energy rose by 1.2%, marking the largest increase. Healthcare increased by 0.8%, technology by 0.5%, and consumer staples and communication services rose by 0.4%.
By stock, Pinterest announced that its second-quarter performance was affected by reduced advertising, with profits falling below market expectations. Consequently, its stock price is plummeting by 10%. Under Armour's stock is also experiencing a 16% drop due to its poor second-quarter performance. Despite good earnings, Trade Desk's stock is crashing by 37% as they noted significant pressure from tariffs and inflation.
The market is increasingly reflecting expectations for interest rate cuts by the U.S. Federal Reserve (Fed). As a result, gold prices have been rising this week, with prices soaring to an all-time high on that day. This was interpreted as influenced by a report from the Financial Times regarding the possibility of tariffs on imported gold bullion. The VanEck Gold Miners ETF (NYSE Arca:GDX), a gold mining-related exchange-traded fund (ETF), rose by 1% and reached a 52-week high.
European stocks are showing mixed trends within a neutral range. The Euro Stoxx 50 index has risen by 0.01%. The French CAC 40 index has also increased by 0.09%, whereas the German DAX index has decreased by 0.20% and the UK's FTSE index is down by 0.06%.
International oil prices are slightly rising. As of 9:38 a.m. that day, the price of the near-month September West Texas Intermediate (WTI) crude was up 0.27% to $64.05 per barrel, while the price of the global benchmark Brent crude for October delivery was up 0.44% to $66.72 per barrel.