US stocks rebound after Apple announces new AI-powered iPhones

NEW YORK, Sept. 10 — Wall Street stocks advanced today, in a partial rebound from last week’s decline following Apple’s major iPhone launch and ahead of key inflation data.

Apple announced new iPhones designed with generative artificial intelligence in mind, hoping to revive growth after a tough sales period. Shares of the tech giant rose less than 0.1%.

Analysts pointed to bargain hunting as the driving force behind last week’s losses, which came amid concerns about a slowdown in the U.S. economy exacerbated by seasonal dynamics. Analysts noted that September was a historically weak period for stocks.

The Dow Jones Industrial Average index ended up 1.2% at 40,829.59 points.

The widely-circulated S&P 500 index also rose 1.2% to 5,471.05 points, as did the tech-heavy Nasdaq Composite, which ended at 16,884.60 points.

Markets are eagerly awaiting Wednesday’s consumer price index report, which will be closely watched ahead of an upcoming Federal Reserve decision.

The schedule also includes the highly anticipated presidential debate between Vice President Kamala Harris and former President Donald Trump.

Boeing, among others, jumped 3.4% after announcing a preliminary agreement with a Seattle-based machinists union that would avert a strike. Workers will vote on the proposal Thursday.

Google’s parent company Alphabet has fallen after the tech giant filed its second major antitrust lawsuit in less than a year, with the US government accusing the tech giant of unfairly dominating online advertising and stifling competition.

Norfolk Southern gained 2.7% as the Wall Street Journal reported that Chief Executive Alan Shaw would soon leave the company following an investigation into an inappropriate relationship with a female employee. — AFP