US: Stocks rebound as Apple launches iPhone built for AI

WALL Street stocks rose on Monday in a partial rebound from last week’s retreat after a major Apple iPhone launch and ahead of key inflation data.

Apple announced new iPhones built for generative artificial intelligence as it hopes to reignite growth after a difficult period for sales. The tech giant’s shares climbed less than 0.1 per cent.

Analysts pointed to bargain hunting as a driver following last week’s losses, which came amid concerns over a slowing US economy exacerbated by seasonal dynamics. Analysts pointed to September as a historically weak period for equities.

The Dow Jones Industrial Average finished 1.2 per cent higher at 40,829.59.

The broad-based S&P 500 also advanced 1.2 per cent to 5,471.05, along with the tech-rich Nasdaq Composite, which finished at 16,884.60.

Markets are looking ahead to Wednesday’s consumer price index report, which will be closely scrutinized ahead of an upcoming Federal Reserve decision.

The calendar also includes the hotly anticipated presidential debate between Vice-President Kamala Harris and former president Donald Trump.

Among other companies, Boeing jumped 3.4 per cent after announcing a preliminary agreement with a Seattle-based machinist union that would avert a strike. Workers will vote on the proposal on Thursday.

Google parent Alphabet fell after the tech giant began its second major antitrust trial 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 per cent as the Wall Street Journal reported that chief executive Alan Shaw would soon exit amid an investigation into an improper relationship with an employee. AFP