Equities rise after Fed minutes; inflation data and earnings in focus

Equities rise after Fed minutes; inflation data and earnings in focus

By Sinéad Carew and Lisa Pauline Mattackal

Wed October 9, 2024 5:21 PM

It was a very good day, a shot straight up on all three indexes until about noon when everything became steady until close, both the Dow (also another record close) and Nasdaq ending with nice 3-digit gains and the S&P reaching its 44^th record high for the year. The trigger was the September Fed minutes which showed a majority supported a ½ point cut but an even greater majority supported no set timetable for future cuts, specifically not more ½ pointers. This stimulated more confidence that the economy is sufficiently healthy that another ½ point may not be necessary.

This told investors what they wanted to hear, that we’re winning the inflation fight and that we’re going to have a soft landing and possibly no landing (meaning not even a mild recession), brought relief and brought in the buyers. Today’s odds are now around 79% for a ¼ pointer and 21% for holding steady. Thursday brings the CPI report and Friday brings the beginning of Q3 earnings. There is concern about the anti-trust measures possible against Google and whether it might spread to the other tech behemoths. Again, there is some caution with volume coming in below the average of 12.04 billion at 11.09 billion. 

DJ: 42,080.37  +126.13     NAS: 18,182.92  +259.01     S&P: 5,751.13  +55.19         10/8

DJ: 42,512.00  +431.63     NAS: 18,291.62  +108.70     S&P: 5,792.04  +40.91         10/9

Wed 10-9-24 5:21 pm Equities rise after Fed minutes; inflation data and earnings in focus | Reuters

Wall Street closes higher on tech buying as investors wait on inflation data

Wall Street closes higher on tech buying as investors wait on inflation data

By David French

Tue October 8, 2024 6:49 PM

It was another straight shot up on all three indexes all day long, all taking a momentary dip right around 1 pm, but then rebounding to recover some of yesterday’s losses on the Dow, and all the losses on the S&P and Nasdaq. Lower Treasury yields spurred more tech buying and the tech giants, which benefit from lower debt costs, had a comeback. But investors are still awaiting Thursday’s CPI for more pulse-taking on Fed rate decisions. Recent data has almost eliminated bets for another ½ point cut with the odds of a ¼ cut today at 9 to 1.  Volume remains a little below the 12.1 billion average at 11.57 billion. 

DJ: 41,954.24  -398.51       NAS: 17,923.90  -213.94      S&P: 5,695.94  -55.13        10/7

DJ: 42,080.37  +126.13      NAS: 18,182.92  +259.01     S&P: 5,751.13  +55.19       10/8

Tue 10-8-24 6:49 pm Wall Street closes higher on tech buying as investors wait on inflation data | Reuters

Wall Street indexes slip with interest rates, Middle East in focus

Wall Street indexes slip with interest rates, Middle East in focus

By Sinéad Carew and Lisa Pauline Mattackal

Mon October 7, 2024 6:54 PM

It was a nervous day on Wall Street as all three indexes took a shot straight down losing all the big gains from Friday. Today’s anxiety was a combo of damage from Helene, rising energy prices, bad news from tech names like Amazon, Google and Apple, rising tensions in the Middle East and, last but not least, the coming whopper expected from Milton. All in all, everyone spent the day covering their bets while waiting for CPI and the start of Q3 earnings later this week. Volume came in at 11.39 billion, a tad below the 12.06 billion average. 

DJ: 42,352.75  +341.16      NAS: 18,137.85  +219.37      S&P: 5,751.07  +51.13        10/4

DJ: 41,954.24  -398.51       NAS: 17,923.90  -213.94       S&P: 5,695.94  -55.13         10/7

 Mon 10-7-24 6:54 pm Wall Street indexes slip with interest rates, Middle East in focus | Reuters

Dow registers record high close as US jobs data eases economic worries

Dow registers record high close as US jobs data eases economic worries

By Caroline Valetkevitch

Fri October 4, 2024 5:11 PM

After sitting on the fence all week, well no one was on the fence today. All three indexes opened the day on a high, then immediately took a dive until about 11:30 when they started a steady rise to close the day with big triple-digit gains. It was likely around 11:30 that the jobs report came out and was stellar. Not only did it come in with gains that far outweighed the forecast but even July and August were revised substantially upwards.

The unemployment rate also fell to 4.1%, all together data increasing confidence in the resilience of the economy. But  the losses earlier in the week made the weekly gains only very slight, but still there. The only downside is that the stellar reports dampened confidence in a ½ point November cut, which today slide from 1 in 3 yesterday to less than 1 in 12 today. Volume however remains below the 12 billion-average, coming in at 10.9 billion. 

DJ: 42,011.59  -184.93       NAS: 17,918.48  -6.65        S&P: 5,699.96  -9.58          10/3

DJ: 42,352.75  +341.16      NAS: 18,137.85  +219.37   S&P: 5,751.07  +51.13       10/4

Fri 10-4-24 5:11 pm Dow registers record high close as US jobs data eases economic worries | Reuters

Indexes end lower ahead of US jobs data, Middle East still in focus

Indexes end lower ahead of US jobs data, Middle East still in focus

By Caroline Valetkevitch

Thu October 3, 2024 5:04 PM

Between anxieties about the Middle East and the port strike, just plain caution ahead of Friday’s all important jobs report, and good old-fashioned profit taking from the last few weeks of gains, all the indexes spent almost the entire session today substantially in the red, especially the Dow which sank to a 350-point loss by 1 pm before recovering some of it in the afternoon. The tech indexes did considerably better with fewer losses and a much better recovery with both the S&P and Nasdaq closing near flat. Economists forecast an additional 140,000 jobs and unemployment remaining steady at 4.2%. As always, the jobs report is considered the key for interest rates. Volume came in at 11 billion, shy of the 12 billion-average.

DJ: 42,196.52  +39.55       NAS: 17,925.12  +14.76       S&P: 5,709.54  +0.79        10/2

DJ: 42,011.59  -184.93      NAS: 17,918.48  -6.65          S&P: 5,699.96  -9.58         10/3

Thu 10-3-24 5:04 pm Indexes end lower ahead of US jobs data, Middle East still in focus | Reuters 

S&P 500 ends near flat as more jobs data awaited; eyes on Middle East

S&P 500 ends near flat as more jobs data awaited; eyes on Middle East

By Caroline Valetkevitch

Wed October 2, 2024 7:07 PM

The indexes all stayed pretty close to Tuesday’s close all day for a pretty sedate session as investors continued fence-sitting in light of the Middle East conflict, the port strike, and awaiting the week’s important data. Today’s private payrolls data showed a greater than expected increase further bolstering the case for a stable labor market. Thursday, we get jobless claims, Friday non-farm payrolls, so everyone is being cautious ahead of this data.

Plus, Q3 earnings start at the end of next week and, despite the near all-time highs and a now friendly dovish Fed, investors really want to see how the companies are doing to assess where we’re heading. The odds of another ½ point rate cut in November still stands at roughly 1 in 3, with ¼ point at 2 in 3. The 11.81 billion volume was a tad below the 12.05 billion recent average. 

DJ: 42,156.97  -173.18      NAS: 17,910.36  -278.81      S&P: 5,708.75  -53.73          10/1

DJ: 42,196.52  +39.55       NAS: 17,925.12  +14.76       S&P: 5,709.54  +0.79           10/2

Wed 10-2-24 7:07 pm S&P 500 ends near flat as more jobs data awaited; eyes on Middle East | Reuters

Indexes end down as Iran launches missiles at Israel; defense shares rise

Indexes end down as Iran launches missiles at Israel; defense shares rise

By Caroline Valetkevitch

Tue October 1, 2024 7:29 PM

Investors were certainly cautious today in the wake of (a) Iran’s attacks on Israel and expecting more of the same, heightening anxieties about the Middle East conflict spreading and (b) the port strike halting the flow of much of the nation’s shipping, heightening anxieties about a potential significant hit to the economy. And of course, there was the continuing caution awaiting the news later this week regarding jobless claims and payrolls.

On the plus side, reports today showed job openings rebounding and manufacturing activity coming in very close to forecast. But the negatives still very much outweighed the positives shooting all the indexes way down, the Dow down some 400 points just before noon, but all rebounding and recovering some of their losses in the afternoon, but still closing with substantial 3-digit losses.  At 13.16 billion shares traded, volume was considerably above the 4-week average of 11.98 billion. 

DJ: 42,330.15  +17.15        NAS: 18,189.17  +69.58       S&P: 5,762.48  +24.31        9/30

DJ: 42,156.97  -173.18       NAS: 17,910.36  -278.81      S&P: 5,708.75  -53.73         10/1

Tue 10-1-24 7:29 pm Indexes end down as Iran launches missiles at Israel; defense shares rise | Reuters