2 weeks Ago
The blue-chip Dow Jones Industrial Average closed at a record high as a subdued inflation report stoked hopes for more Federal Reserve rate cuts, which also boosted small-cap stocks and enabled Wall Street's three main indexes to post weekly gains. The technology-heavy Nasdaq slipped for the day while the S&P 500 edged slightly lower, but both indexes stayed close to recent record highs. "The market at this point.
.(is) pretty much pricing in a soft landing, and pricing in that we have defeated inflation, and that the Fed will be able to lower rates without causing a bunch of harm to the economy", said Liz Young Thomas, head of investment strategy at SoFi in New York. The Commerce Department reported a moderate rise in consumer spending while inflation pressures continued to ease.
Separately, the University of Michigan's final September reading on consumer sentiment came in at 70.1, surpassing economists' expectations of 69.3, according to a Reuters poll.
The Dow Jones Industrial Average rose 137.89 points, or 0.33%, to 42,313.
00, the S&P 500 lost 7.20 points, or 0.13%, to 5,738.
17 and the Nasdaq Composite lost 70.70 points, or 0.39%, to 18,119.
59. Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading By - Rohit Srivastava, Founder- Indiacharts.
com View Program Stock Trading Market 103: Mastering Trends with RMI and Techno-Funda Insights By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading ROC Made Easy: Master Course for ROC Stock Indicator By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading RSI Made Easy: RSI Trading Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Technical Analysis for Everyone - Technical Analysis Course By - Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities View Program Stock Trading Introduction to Technical Analysis & Candlestick Theory By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Stock Trading Options Trading Course For Beginners By - Chetan Panchamia, Options Trader View Program Stock Trading Options Scalping Made Easy By - Sivakumar Jayachandran, Ace Scalper View Program Stock Trading Futures Trading Made Easy: Future & Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Markets Made Easy By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Renko Chart Patterns Made Easy By - Kaushik Akiwatkar, Derivative Trader and Investor View Program Stock Trading Options Trading Made Easy: Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Investing Made Easy: Beginner's Stock Market Investment Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Macroeconomics Made Easy: Online Certification Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Valuation Made Easy By - Rounak Gouti, Investment commentary writer, Experience in equity research View Program The Russell 2000 index, which tracks small caps that fare better in a low-rate environment, gained 0.67% to a one-week high.
Shares of Nvidia dropped 2.17%, weighing on the technology-heavy Nasdaq. Investors now slightly favor a 50-basis-point cut at the Fed's next meeting with a 52.
1% chance, up from a coin toss before the data, as per the CME Group's FedWatch Tool. Cooling price pressures prompted the Fed to cut rates by 50 bps last week. Focus will now shift to a slew of labor market reports due next week.
Among individual stocks, Bristol-Myers Squibb added 1.58% after the U.S.
FDA approved its schizophrenia drug. Costco Wholesale lost 1.76% after posting downbeat fourth-quarter revenue.
U.S.-listed shares of Chinese firms such as Alibaba rose 2.
15%, PDD Holdings climbed 4.67% and NetEase gained 2.65% after China's central bank lowered interest rates and injected liquidity into the banking system.
The optimism extended to miners, with Arcadium gaining 2.13%, and U.S.
-listed shares of BHP also adding 1.81%. Advancing issues outnumbered decliners by a 1.
82-to-1 ratio on the NYSE. There were 605 new highs and 31 new lows on the NYSE. The S&P 500 posted 42 new 52-week highs and no new lows while the Nasdaq Composite recorded 74 new highs and 65 new lows.
Volume on U.S. exchanges was 11.
50 billion shares, compared with the 11.87 billion average for the full session over the last 20 trading days. (You can now subscribe to our ETMarkets WhatsApp channel ).
