Wall Street Rebounds Amid Anticipation of Federal Reserve Rate Cuts

Wall Street's major stock indexes bounced back on Monday, recovering from a rough week. Anticipation grew around Federal Reserve interest rate cuts in 2024 and upcoming CPI and PPI data. Apple's event faced competition from Huawei, while Boeing and other stocks saw notable gains. Investors also anticipated the upcoming Harris-Trump debate.

Wall Street's primary stock indexes surged on Monday after enduring a week of steep declines, with investor attention shifting back to potential interest rate cuts by the Federal Reserve in 2024 and critical inflation data expected later in the week.

Mega-cap and growth stocks mostly rose, despite a dip of over 1% in Apple shares ahead of the company's much-anticipated 'It's Glowtime' event. Competitor Huawei is also expected to unveil its Mate XT, a triple-folding smartphone, just hours later, potentially overshadowing Apple's announcements.

Ten of the eleven S&P 500 sectors reported gains, notably industrials and financials, each rising approximately 1.5%. Global markets experienced turmoil last week due to concerns about the U.S. economy's health, coupled with volatility caused by the Federal Reserve's policy changes and stretched valuations. Recent weak jobs data had also raised economic fears, significantly impacting indexes like the Nasdaq Composite and the S&P 500.

(With inputs from agencies.)