FX168 Financial news agency (North America) reports that on Tuesday, September 24th, the US stock market maintained its upward momentum as traders largely ignored the grim consumer confidence data. The comprehensive stimulus plan introduced by China helped boost stocks related to the Chinese economy. #US stock market review#

The Dow Jones Industrial Average closed up 83.57 points, an increase of 0.19%, at 42208.22 points; the S&P 500 Index closed up 14.36 points, an increase of 0.25%, at 5732.93 points; the Nasdaq Composite Index closed up 100.25 points, an increase of 0.56%, at 18074.52 points.

The Dow Jones hit a record high close for the fourth consecutive day, and the S&P 500 Index hit a new record high close for the second consecutive day.

(Image source: FX168)

(Image source: FX168)

A regulatory document shows that the darling of artificial intelligence, Nvidia CEO Jensen Huang, temporarily halted the sale of the company's stock. Subsequently, the company's stock price rose by nearly 4%.

Federal Reserve Governor Michelle Bowman explained on Tuesday why she opposed a 50 basis point rate cut, expressing concerns that a 50 basis point cut would signal to central bank policymakers an expectation of future economic softness. Bowman also noted that her colleagues should take a more cautious approach to the unusually high 50 basis point rate cut last week, due to concerns that inflation may resurface.

Bowman isThe Federal Open Market Committee (FOMC)The sole dissenter when deciding to cut the benchmark interest rate by 50 basis points for the first time in over four years.

The US consumer confidence index fell to 98.7 in September, the largest monthly drop in over three years. Economists surveyed by Dow Jones had expected the index to be 104.

Previously, JPMorgan Chase CEO Jamie Dimon warned that geopolitical instability is 'worsening,' calling it his 'biggest warning.' He added that the concerning backdrop could impact future 'economic conditions.'

Julian Emanuel, Senior Managing Director of Evercore ISI, said on Tuesday: 'Fundamentally, when you put the two together, they form a wall of concern. If we start hearing everything is fine [or] everything is going smoothly, we will be even more worried.'

As of now, major indices have shown steady monthly gains. The Dow Jones index rose by about 1.6% in September, while the S&P 500 index is expected to rise by 1.5%. The Nasdaq index is set to rise by 2% this month. Some of the gains stem from investors increasingly believing that Federal Reserve rate cuts will drive economic growth and boost profits.

Investors are waiting for the price indicators favored by the Federal Reserve later this week and the US personal spending data to further understand the extent of future interest rate cuts.

Focus stocks

Snap's stock price rose by 3.63%, as the company expanded its strategic partnership with Google Cloud to power its artificial intelligence chatbots on the social media platform Snapchat. Snapchat's My AI chatbots will leverage Google's Gemini technology on Vertex AI, particularly its ability to understand and operate different types of information such as text, audio, images, videos, and code.

Google Cloud CEO Thomas Kurian said: 'Snap is an early leader in helping people communicate in the digital world, and now it is at the forefront of using generative artificial intelligence to create new value for its community by building agents.'

Starbucks' stock price fell by 1.08% as the company was downgraded by Jefferies Financial brokerage and had its target price lowered. Jefferies analyst Andrew Barish downgraded Starbucks to underperform the large cap, from a previous rating of hold. The target price is $76, predicting a 20% drop in the stock price from its current levels.