Equities gain after Fed minutes, inflation data and earnings in focus

Record ID: 1846728

  • Title: Equities gain after Fed minutes, inflation data and earnings in focus
  • Date: 9th October 2024
  • Summary: NEW YORK, NEW YORK, UNITED STATES (OCTOBER 9, 2024) (REUTERS) (SOUNDBITE) (English) SANCTUARY WEALTH, CHIEF INVESTMENT STRATEGIST, MARY ANN BARTELS, SAYING: “You know, I really like the market action today, because interest rates on the back end of the curve around the ten year Treasury yield are actually rising, and stocks are holding their gains. So what does that all me
  • Embargoed: 23rd October 2024 21:09
  • Keywords: Dow Federal Reserve Nasdaq S&P Wall Street earnings interest rates
  • Location: NEW YORK, NEW YORK, UNITED STATES
  • City: NEW YORK, NEW YORK, UNITED STATES
  • Country: US
  • Topics: Economic Events,North America,Equities Markets
  • Reuters ID: LVA002069809102024RP1
  • Aspect Ratio: 16:9
  • Story Text:Wall Street's three main stock indexes closed higher on Wednesday (October 9) as investors digested Federal Reserve meeting minutes ahead of September inflation data and earnings reports, but Alphabet shares fell on fears the U.S. would break up Google.
    Shares in market heavyweight Alphabet fell after the U.S. Department of Justice said it may ask a judge to force Google to divest parts of its business. These include its Chrome web browser and its Android operating system, to curtail its search monopoly.
    Stocks held roughly steady right after the Fed's September meeting minutes showed a "substantial majority" of officials supported an outsized half-point rate cut. However, there was broader agreement that the move would not commit the Fed to any particular pace of cuts in the future.
    Traders were last pricing in an 80% chance of a 25-basis-point reduction in borrowing costs and a 19% probability the Fed keeps rates on hold, according to CME's FedWatch.
    The market is awaiting the Consumer Price Index inflation report due on Thursday morning and the third-quarter corporate earnings season, which kicks off in earnest with some of the biggest U.S. banks reporting on Friday.
    Trading has been choppy this week, with investors adjusting rate-cut expectations after a surprisingly strong September jobs report suggested a U.S. economy that is in better shape than investors had feared.
    According to preliminary data, the S&P 500 gained 40.45 points, or 0.70%, to end at 5,791.58 points, while the Nasdaq Composite gained 108.91 points, or 0.60%, to 18,291.82. The Dow Jones Industrial Average rose 432.48 points, or 1.03%, to 42,512.85.
    (Production: Lisa Bernhard, Sheryl Pena, Soren Larson, Christine Kiernan)
  • Copyright Holder: REUTERS
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