S&P 500 Rises 0.4% on September 25, 2023: Market Boosted by Falling Oil Prices Below $90 and Anticipation of Inflation Data
On September 25, 2023, the S&P 500 ended a four-day decline with a 0.4% gain, driven by a drop in oil prices below $90 per barrel and investor anticipation ahead of upcoming inflation reports.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading teams in delivering impactful news coverage on major stories.
Summary Highlights
- The S&P 500 reversed a four-day losing streak, closing 0.4% higher on Monday, September 25, 2023, supported by oil prices falling under $90 per barrel and ahead of critical inflation data scheduled later this week.
- Shares of Sealed Air, Steel Dynamics, and Cleveland-Cliffs climbed following Citigroup’s stock upgrades.
- 3M shares declined after halting production of persistent 'forever chemicals' at its Belgian facility.
U.S. stock markets closed higher to kick off the final trading week of September, buoyed by a dip in oil prices below $90 a barrel and investor focus on imminent inflation figures. Although the S&P 500 briefly slipped into negative territory late in the session, it rebounded to finish up 0.4%, breaking a four-day losing trend.
Steel Dynamics (STLD) and Cleveland-Cliffs (CLF) shares each increased by 3% after Citigroup upgraded both, citing prospects of rising sheet steel prices. Sealed Air (SEE) also saw a 3.5% gain following Citigroup’s upgrade, with the firm noting Sealed Air is well-positioned to outperform its peers.
Amazon (AMZN) shares rose 1.7% after the company announced plans to invest up to $4 billion in Anthropic, a leading artificial intelligence (AI) technology firm.
Ford Motor Company (F) shares climbed over 1% after Canadian union Unifor ratified a new contract with Ford, and the United Auto Workers Union opted not to expand strikes to additional Ford plants amid progressing contract negotiations.
Warner Bros. Discovery (WBD) shares dropped 4%, reflecting investor concerns over the tentative contract agreement reached with striking writers who have been on strike for five months.
3M (MMM) shares fell more than 2% following the company’s announcement of a significant negative impact on its Zwijndrecht, Belgium plant due to the suspension of 'forever chemical' production.
Tyson Foods (TSN) shares declined 1% amid reports that the U.S. Department of Labor is investigating potential child labor violations at Tyson and competitor Perdue Farms.
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