On this closely watched Fed day, stocks are holding their own. The three major stock market indices are widening their earlier gains as traders and investors show optimism that the Federal Reserve will do the right thing, which for now appears to be hold interest rates steady. Boeing (NYSE: BA), Tesla (Nasdaq: TSLA) and Nvidia (Nasdaq: NVDA) are top gainers.
Here’s a roundup of where the stock market averages are trading:
Dow Jones Industrial Average: Up 246.95 (+0.59%)
Nasdaq Composite: Up 148.07 (+0.86%)
S&P 500: Up 37.21 (+0.66%)
The markets are saving face after yesterday’s beatdown and ahead of the Fed’s interest rate decision this afternoon. All three of the major stock market indices opened higher in a display of solidarity. While the markets have seemingly priced in rates staying the same, they will also be keenly focused on the tone of Fed Chairman Jerome Powell’s commentary after signs that inflation is being reined in. Bank of America CEO Brian Moynihan reportedly believes the economy is humming along just fine and that the Fed should hold rates steady.
Big Tech stocks are retaking lost ground, including battered Tesla (Nasdaq: TSLA), which is up about 3% in early morning trading, and Nvidia (Nasdaq: NVDA) on the heels of popular CEO Jensen Huang’s AI- and robot-focused innovation update. Apple (Nasdaq: AAPL) is adding to the positive sentiment, helping to fuel market gains.
The Dow’s rebound is being led by Boeing (NYSE: BA) 5.7% gain, which is also lifting the S&P 500. Boeing’s finance chief made some positive comments at an investor event, giving investors reason to be optimistic about the balance sheet. Technology and consumer discretionary are the sectors leading the markets higher, with energy and financials also gaining.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 189.65 (+0.46%)
Nasdaq Composite: Up 186.43 (+1.05%)
S&P 500: Up 39.57 (+0.70%)
The markets are saving face, with all three of the major stock market indices trading higher out of the gate.
Tesla is retaking some lost ground and is leading the markets higher.
Nvidia is also advancing after CEO Jensen Huang’s bullish AI-focused keynote speech.
Autodesk (Nasdaq: ADSK) is rising 4%.
Super Micro Computer (Nasdaq: SMCI) is also among today’s gainers, adding 4% in a volatile week for the stock.
Intel (Nasdaq: INTC) is a drag, falling 5% as investors take profits on the heels of the company’s recent rally.
JPMorgan is bullish on some technology stocks, including Meta Platforms (Nasdaq: META) and streaming company Spotify. The analyst reiterated an “overweight” rating on Meta stock with a $727 price target, suggesting the stock has runway for 25% gains. Spotify is looking attractive amid additional paid subscription tiers and an expansion into non-music content, per the analyst.
After two decades of reviewing financial products I haven’t seen anything like this. Credit card companies are at war, handing out free rewards and benefits to win the best customers.
A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges.
Our top pick today pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Financial Market Newsflash
No financial news published today. Check back later.
