Wall Street tynges etter langhelg

The stock market began the week later than usual, after being closed on Labor Day Monday. Qualcomm, a leading manufacturer of chips for mobile phones, saw its shares rise by 3.2 percent. The announcement of a partnership with Amazon for data center infrastructure sent the company’s stock up 25 million shares at $161.26 each, totaling $4 billion.

Tech components continued to perform well, with the index rising 1.3 percent. Oil and gas prices are still climbing amid conflict in the Middle East. Brent crude prices edged closer to $100, reaching $98.7 per barrel, up from $99.4 just a day earlier. Throughout the week, the U.S. has been confronting Iranian tankers, while Iran sent missiles at American warships.

On Tuesday, Saudi oil facilities were attacked by the Houthi militia, a group supported by Iran. Analysts at Goldman Sachs have raised their forecasts for oil prices and warn that uncertainty is leaning towards the upside. The weekly report from Goldman Sachs suggests that geopolitical tensions in the Middle East could have a lasting impact on prices, as noted by Bloomberg.

Later this week, the U.S. inflation data (PPI) will be released, which could be a crucial indicator for the Federal Reserve (Fed) meeting next week. The development of price growth will be closely followed by the market. One question is how higher energy prices will affect other sectors. Several central bank meetings in the coming weeks will test whether the market remains calm, according to Ed Yardeni of Yardeni Research.

At present, it is relatively uncertain whether interest rates will rise on September 16th, with about a 60 percent chance. Economists have pointed out that inflation is the Federal Reserve's biggest concern at the moment, especially after strong labor market data last week.