US Markets Rally: Dow Soars 511 Pts, Nasdaq, S&P 500 Rally Amid Big Tech Surges
US Markets LIVE, 30 October 2023: The US markets opened higher on Monday after a sharp correction in the last week, as investors prepared for a busy week ahead of the Federal Reserve interest rate decision, big corporate earnings, and economic data.
Dow Jones Industrial Average (DJIA) opened higher by 119.95 points at the 32537.54 level, while the S&P 500 index added 22.02 points and opened at the 4139.39 level. The Nasdaq Composite index also opened higher by 107.45 points at the 12750.46 level.
US Markets Live Updates Today
At 11.55 a.m. EDT, The US markets extended their early gains. Dow Jones is trading higher by 341.33 points or 1.05 percent at the 32758.92 level while the S&P 500 also added 30.09 points or 0.73 percent at 4147.46 levels. The tech-heavy Nasdaq Composite extended its early opening gains and is trading higher by 122 points or 0.97 percent at 12766 levels.
US Stock Market News
It’s a busy week for the traders, as they are waiting for the Federal Reserve’s interest rate decision which is due on Wednesday. It is widely expected that the Fed will hold the key rates at the same level.
Traders will be closely monitoring Fed Chair Jerome Powell’s commentary for further interest rate hike trajectory, Apple’s quarterly earnings on Thursday, and the monthly Job report on Friday.
Many traders feel that the Fed has done with the rate hikes, as Chair Jerome Powell in his last statement said that an increase in long-term Treasury yields reduces the need for more rate hikes.
The 10-year Treasury yield which crossed 5% the early last week remains at elevated levels of 4.9% on Monday. However, some traders also think that the Fed is likely to hike another interest rate in the next December meeting.
Meanwhile, the US markets are extending gains as the session progressed, it’s a broad-based rally today, as all 11 S&P 500 sectors are trading higher with communication services, consumer discretionary, and information technology stocks outperforming.
The big tech stocks including Alphabet, Amazon, and Meta platforms are trading higher by more than 2%. Apple is also trading higher around 1% ahead of the quarterly earnings scheduled on Thursday.
US Stocks In News
McDonald’s share is trading above 1.4% as the fast food giant beat expectations in the quarterly earnings, its revenue rose by 14% and store sales rose by 8.8% on price increases.
The shares of SoFi Technologies rose more than 3% after the financial services company reported strong third-quarter earnings which beat revenue expectations and raised its full-year outlook. The share currently erased all early gains and trading flat.
The share of Invitation Homes is trading above 1% after an upgrade to outperform from Oppenheimer, this is due to a stabilization of both rent growth and occupancy, which could help to boost the share price in 2024.
Crude Oil Prices
The crude oil prices are trading sharply lower on Monday, as investors remain cautious ahead of the US Federal Reserve monetary policy meeting and Chinese business activity data. Last week crude oil fell as there were limited indications that the Middle East tension would escalate into a larger war involving others in the region.
The US WTI crude is trading lower by 3.44% at $82.60 per barrel while London-based Brent crude oil is trading higher by 2.94% at $86.59 per barrel.
US Markets at Close
The US markets closed with solid gains on Monday, due to surges led by big tech stocks ahead of Apple’s quarterly earnings and the Fed’s interest rate decision which is due on Wednesday. The US stock market indexes Dow Jones Industrial Average (DJIA) gained 511.37 points or 1.58% and closed at 32928.96, while the S&P 500 index was up by 49.45 points or 1.20% and settled at 4166.82. The tech-heavy Nasdaq Composite Index added 146.47 points or 1.16% and finished at 12789.48 on Monday.
Also, read – US Futures: Dow Jones and Nasdaq futures are trading higher – 30 Oct 2023
Stock Market Prediction Next Week (23- 27 Oct 2023)
If you like the post “US Markets Rally: Dow Soars 511 Pts, Nasdaq, S&P 500 Rally Amid Big Tech Surges” please share it with others
Happy Investing!
Editor’s Desk
