Tech Stocks Rally as S&P 500 Hits New High, Despite Mixed Performance
The S&P 500 set a new high on Wednesday based on forecasts of fewer Fed cuts and a stronger US economy. The index is still traded
The S&P 500 set a new high on Wednesday based on forecasts of fewer Fed cuts and a stronger US economy. The index is still traded in the green at the price of 5,792.04.
The Dow Jones Industrial Average followed suit, surging 1% to record closing highs, while the Nasdaq Composite gained 0.6%. Major markets have returned from a sharp selloff, with technology stocks rising and oil prices falling.
Even if CPI rises sharply, it appears unlikely to upset Wall Street’s positive trend. However, there may be a blip in the highs.
⚠️ WHAT'S YOUR PREDICTION FOR THURSDAY'S US CPI INFLATION REPORT?
•PREVIOUS: 2.3% Y/Y
•ESTIMATE: 2.5% Y/Y🇺🇸🇺🇸 pic.twitter.com/H265KcEMrI
— Investing.com (@Investingcom) October 9, 2024
In the S&P 500, Technology stocks like Apple Inc. gained 1.67%. Nvidia Corp. is still seeing a decline, down 0.18%. Tesla Inc. dipped ahead of the Robotaxi launch. Alphabet Inc. slumped 1.59% on rumours that the United States is considering a Google breakup in a landmark big-tech antitrust dispute.
A US judge found that Google illegally monopolized the search market. Now the company faces a possible forcible breakup. Here's what to know https://t.co/TUMrrKt0ew
— Bloomberg Technology (@technology) October 9, 2024
Major technology equities have experienced volatility in both directions recently, but weakening gives an enticing purchasing opportunity.
Investors are preparing for the earnings reporting season, which starts officially on Friday with quarterly results from several big banks.
GSK Boosts FTSE 100 as Lawsuit Settlement Lifts Shares, House Prices Show Recovery
GSK PLC (LSE: GSK, NYSE: GSK) led London’s blue chips to a good start on Thursday morning. The pharmaceutical giant consented to pay up to US$2.2 billion to resolve thousands of lawsuits alleging its Zantac drug triggered cancer. The removal of uncertainty following two years of litigation helped the FTSE 100 stock rise 91p to 1549p.
This propelled it to the top of the index’s early risers, surpassing Informa PLC (LSE: INF) and Segro PLC.
The FTSE 100 is up 6.5% year to date (YTD), although momentum has stalled since April. As of writing, the FTSE 100 fell 5.75 points to 8,237.99, as London appeared to be in for another selling day after earlier this week’s selloff. This was partly due to a lack of further projected economic stimulus measures from China earlier in the week.
In September, house prices rose countrywide for the first time in two years, according to the Royal Institute of Chartered Surveyors.
The latest House Price Index (#HPI) from @HalifaxBank also found the annual rate of property price growth to be at its strongest since November 2022 📈
Following an increase of 4.7% in the year to September, this sees the average #UK property cost £293,399. https://t.co/qo5NcJVYgn pic.twitter.com/M3HGFliffV
— Moneyfactscompare (@Moneyfactscomp) October 7, 2024
According to RICS’s most recent poll, more surveyors stated that prices in their areas were growing than falling.
This follows after net readings have been negative or flat in every month since October 2022.
RICS also noted that readings for demand, sales, and new listings had all returned to rise, indicating a “broadly positive” outlook for the market.
The new survey results once again paint a more positive picture for housing market activity, with recent mortgage interest rate cuts supporting a revival in buyer demand, stated RICS market analytics head Tarrant Parsons.
Meanwhile, FTSE Russell has announced the addition of South Korean government bonds to its famous World Government Bond Index.
DAX Slips 0.42%, Erasing Previous Gains Amid Rate Cut Speculations
On Thursday, October 9, the DAX fell 0.42%, erasing the previous session’s 0.99% gain, to settle at 19,216.
Increasing bets on ECB and Fed rate reduction boosted demand for riskier assets.
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