Dow Rises Ahead of Fed Rate Decision
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Stocks are hovering near fresh records Wednesday ahead of the Federal Reserve's policy decision and as investors prepare for earnings from three of the Mag 7 mega-cap stocks.
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Stock market today: Dow, S&P 500, Nasdaq rise as Nvidia hopes run high, with Fed decision on deck
US stocks rose on Wednesday to eye fresh records, with hopes for a China boost to Nvidia (NVDA) buoying techs in the wait for the Federal Reserve to confirm bets on an interest-rate cut. The S&P 500 (^GSPC) rose 0.
U.S. indices continue to push higher ahead of the FOMC decision, with the NASDAQ breaking out of its channel and the Dow approaching 48,000. Despite potential volatility around the Fed announcement, any short-term pullbacks are seen as buying opportunities within a firmly bullish trend.
Thursday morning, Dow reported an adjusted per-share loss of 19 cents from sales of $10 billion. Wall Street was looking for a 31-cent loss from sales of $10.2 billion.
Major stock indexes hit record highs Friday after the release of slightly cooler-than-expected September inflation data that reinforced expectations the Federal Reserve will cut interest rates next week.
Futures tied to the Dow Jones industrial average rose 312 points, or 0.66%. S&P 500 futures were up 0.75%, and Nasdaq futures added 0.91%. That would add to Friday’s rally that saw fresh record highs. The yield on the 10-year Treasury was flat at 4.003%. The U.S. dollar was down 0.03% against the euro and up 0.16% against the yen.
IBM and Advanced Micro Devices created tailwinds for the main indexes after scoring a major quantum-computing win.
The company posted a net loss of $0.19 a share on an adjusted basis, narrower than analysts’ projected loss of $0.30 a share, according to consensus estimates. Revenue totaled $9.97 billion, falling short of the expected $10.23 billion and down 8% from the year-ago period amid lower prices and softer demand across all operating segments.
Dow Inc. has restarted two polyethylene resin lines at its Freeport, Texas, site following an Oct. 6 fire, while a third line remains under evaluation. The site represents nearly half of the company's domestic polyethylene output.
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