Five Things You Need to Know to Start Your Day: Asia
Tim Cook, chief executive officer of Apple Inc., during an event at Apple Park campus in Cupertino, California, US, on Sept. 9, 2024.
Photographer: David Paul Morris/BloombergGood morning. US stocks rise as bonds see small moves. Apple introduces its new iPhone. HSBC weighs merging two divisions. Here’s what’s moving markets. —Isabelle Lee
A renewed wave of dip buying spurred a rebound in stocks after a selloff triggered by economic concerns, with traders now looking to this week’s inflation data for clues on the size of Federal Reserve rate cuts. Almost every major group in the S&P 500 rose, with the benchmark up 1.2%. The index has had its worst start to a September on record, according to Bespoke Investment Group data going back to 1953. Treasuries saw mild moves, with traders paring the chance of a half-point rate reduction at the Fed’s September meeting to about 20% from as high as 50% last week. The dollar gained. Bitcoin rose to around $57,000.