Stock market today: Wall Street ends higher to snap a 4-day losing streak

NEW YORK (AP) — Stocks closed higher on Wall Street, ending a four-day losing streak. The S&P 500 added 1.2% Monday. The benchmark index is coming off its worst week in nearly a year and a half. The Dow Jones Industrial Average and the Nasdaq composite also rose 1.2%. Boeing helped lead the market after reaching a tentative deal with its largest union on a new contract. Palantir Technologies and Dell Technologies rose after being named to join the S&P 500. Yields held relatively steady in the bond market ahead of reports coming this week on inflation at both the wholesale and consumer levels.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — U.S. stocks are rising Monday and clawing back some of the losses from their worst week in nearly a year and a half.

The S&P 500 was 0.9% higher in afternoon trading and on track to break a four-day losing streak. The Dow Jones Industrial Average was up 453 points, or 1.1%, as of 2:17 p.m. Eastern time, and the Nasdaq composite was 0.7% higher.

Boeing climbed 3.6% after reaching a tentative deal with its largest union on a new contract that, if ratified, will avoid a strike that threatened to shut down aircraft production by the end of the week. Boeing said 33,000 workers represented by the International Association of Machinists and Aerospace Workers would get pay raises of 25% over the four-year contract.

After likewise climbing a bit in the morning, Treasury yields later pared their gains in the bond market. That followed sharp swings last week, when a highly anticipated update on the U.S. job market came in weak enough to worsen worries about the slowing U.S. economy.

The Federal Reserve has been intentionally pressing the brakes on the economy through high interest rates in order to stifle high inflation. It’s set to start lowering rates later this month, which would ease the pressure on the economy, as it turns its focus toward protecting the job market and avoiding a recession. The question on Wall Street is if the Fed's shift in focus will prove to be too late.

Cuts to interest rates give stock prices a boost, but if an economic downturn does hit, it could more than offset such a benefit by dragging down profits for companies. That's what happened in 2007, for example, when the Great Recession wrecked the global economy and financial markets.

“Today, the absence of glaring household or corporate balance sheet vulnerabilities means Fed easing should be enough to prevent recession, and should provide investors some optimism for the future of the market,” suggests Seema Shah, chief global strategist at Principal Asset Management.

On Wall Street, Apple’s stock fell 1.3% as the company held an event unveiling its latest iPhone model, the 16. It’s the first model to be tailored specifically for artificial intelligence, with expected improvements to its often dim-witted virtual assistant, Siri.

Palantir Technologies jumped 12.8% in its first trading after S&P Dow Jones Indices said it would add the company to its widely followed S&P 500 index. Dell Technologies rose 3.6%, and Erie Indemnity gained 1.3% after they likewise got a notice of promotion to the index.

Trading in Big Lots was halted after the discount retailer filed for Chapter 11 bankruptcy protection and said it plans to sell its assets and ongoing business operations to private equity firm Nexus Capital Management.

In the bond market, the 10-year Treasury yield edged down to 3.71% from 3.72% late Friday.

This upcoming week will feature the latest monthly updates on inflation at the consumer and wholesale levels. Such reports used to be the most anticipated economic data of each month, but market watchers say they’re now taking the back seat to updates on the job market because of the worries about a possible recession.

Of course, if the inflation reports show an unexpected spike higher in inflation, that could put the Federal Reserve in its worst-case scenario. Lower interest rates could help boost the economy, but they could also give inflation more fuel.

In stock markets abroad, indexes rose in much of Europe after falling in Asia. Japan’s Nikkei 225 slipped 0.5% after the country’s economic growth for the second quarter was revised below expectations.

Chinese stocks racked up losses after worse-than-expected inflation data disappointed investors. Indexes fell 1.4% in Hong Kong and 1.1% in Shanghai.

AP Writers Matt Ott and Zimo Zhong contributed.

FILE - People pass the New York Stock Exchange on Aug. 27, 2024, in New York. (AP Photo/Peter Morgan, File)

A person walks near an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Sept. 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Sept. 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Sept. 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Sept. 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Sept. 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People stand near an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Sept. 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

HENDERSON, Nev. (AP) — Sunday underscored how much of a week-to-week league the NFL can be with several underdogs pulling off upsets.

None was larger than the Raiders, 8 1/2-point underdogs, rallying from 10 points down in the fourth quarter to defeat the Ravens 26-23.

And now the 0-2 Carolina Panthers, who are making a quarterback change, come to town. This time, Las Vegas (1-1) is a 5 1/2-point favorite, according to BetMGM Sportsbook, and the onus is on the Raiders to not overlook a desperate opponent in a potential trap game.

If coach Antonio Pierce's comments Monday were any indication, that shouldn't be a problem.

“We've got a lot of things that we need to correct,” he said. “It was a win yesterday, but there were a lot of things in that first quarter that were ugly, in that first half that were ugly and in that third quarter that were ugly. We're not worried about the Panthers. We've got to fix the Raiders.”

Pierce is right. It was an impressive fourth quarter, but he knows the Raiders can't rely on such rallies to overcome a number of deficiencies that include a running game that still hasn't gotten started and a conversative offensive game plan that finally opened up in the fourth.

Given the Raiders' talent at the skill positions, opening with a more wide-open game plan should be easier to correct. Whether they have what they need in the running game is uncertain.

But if both areas don't get fixed, what the Raiders accomplished Sunday likely is not sustainable.

“Fourth quarter," Pierce said, "is what it needs to look like for all four quarters."

The Raiders haven't had a no-doubt-about-it successful first-round pick since taking running back Josh Jacobs in 2019. It looks as if tight end Brock Bowers has broken that skid.

He followed his six-catch, 58-yard debut against the Chargers by hauling in nine passes for 98 yards at Baltimore. No rookie has had a better start to his Raiders career than Bowers, whose 15 receptions are better than Amari Cooper's 12 in 2015.

The Raiders have had no success running the ball. Entering Monday, they rank last in the NFL in yards rushing per game (49.0) and per carry (2.51). It would be easy to blame Zamir White, who in taking over for Jacobs — who signed with the Packers — and has rushed for 68 yards on 3.1 per carry through two games.

But to lay it all on White is short-sighted given the offensive line has given him — and the other running backs — almost no room to run.

“It isn’t Zamir,” Pierce said. "We've got to start up front. The big boys up front got to block. Bottom line. They know it. We are going to talk about it here in a few minutes.”

Here's an idea: Keep throwing Davante Adams the ball. That's exactly what Gardner Minshew did Sunday and it's a major reason the Raiders won. Adams caught nine passes for 110 yards and the tying touchdown with 3:54 left, which he set up by drawing a pass interference penalty that moved the ball to the 1-yard line. In the fourth quarter and the game on the line, Adams caught four passes for 86 yards.

The Raiders had 126 yards and nine first downs in the fourth quarter at Baltimore. They gained 430 yards and had 23 first downs in the other seven periods combined. It goes back to Pierce's point that the Raiders have a lot of issues, especially offensively, that one quality quarter shouldn't overshadow. Part of the issue was the unwillingness of first-year offensive coordinator Luke Getsy to take shots down the the field. He finally did in the fourth quarter, and that needs to be more common.

Linebacker Divine Deablo injured his hip in the fourth quarter and rookie left guard Jackson Powers-Johnson, who first had an undisclosed injury and then an illness, still has not played this season. Pierce said he did not have an update on either player.

49 — The number of consecutive games the Raiders lost when behind at least 10 points in the fourth until Sunday's comeback. Washington with 88 and Houston with 51 have the longest active streaks.

The Raiders play their first home game when the Panthers visit on Sunday.

AP NFL: https://apnews.com/hub/nfl

Las Vegas Raiders quarterback Gardner Minshew (15) celebrates after running back Alexander Mattison scored a touchdown against the Baltimore Ravens during the second half of an NFL football game, Sunday, Sept. 15, 2024, in Baltimore. (AP Photo/Stephanie Scarbrough)

Las Vegas Raiders wide receiver Davante Adams, left, catches a touchdown pass against Baltimore Ravens cornerback Marlon Humphrey (44) during the second half of an NFL football game, Sunday, Sept. 15, 2024, in Baltimore. (AP Photo/Stephanie Scarbrough)

Las Vegas Raiders quarterback Gardner Minshew (15) celebrates after the Las Vegas Raiders defeated the Baltimore Ravens in an NFL football game, Sunday, Sept. 15, 2024, in Baltimore. (AP Photo/Stephanie Scarbrough)