• Nasdaq 100 Extends Record Levels Ahead Of Fed Meeting, Tesla Hits 26-Month Highs, Small Caps Stall: What's Driving Markets Thursday?

    Source: Buzz FX / 07 Nov 2024 12:40:22   America/Chicago


    After Wednesday’s “everything rally” spurred by the election results, investors took a less euphoric approach on Thursday ahead of the Federal Open Market Committee (FOMC) meeting.





    The Fed is widely expected to cut interest rates by 25 basis points, bringing them to a range of 4.5%-4.75%, following a previous 50-basis-point cut in September.





    Yet, all eyes are on Fed Chair Jerome Powell’s comments at 2:30 p.m. ET regarding the potential for future rate hikes and his views on inflation risks. Concerns from the market center on the possibility of a policy U-turn driven by higher fiscal deficits and price pressures from trade tariffs under a Trump administration.





    Tech stocks led gains, with the Nasdaq 100 extending its record-breaking levels, surpassing 21,000 points and eyeing a third consecutive positive session. The S&P 500 and Dow Jones posted more modest gains, while the Russell 2000 paused after Wednesday’s 5.8% leap.





    Tesla Inc. (NASDAQ:TSLA) remained a top performer among mega-cap stocks, bolstered by expectations of Elon Musk‘s influence in the upcoming administration.





    Treasury yields reversed a substantial portion of Wednesday's post-election increase, while the U.S. dollar dipped by 0.7%.





    Metal commodities rebounded after Wednesday’s sharp losses, with gold rising 1.3%, silver up 2% and copper rallying over 4%.





    Oil prices strengthened by 1%, with West Texas Intermediate trading around $72 per barrel.





    Bitcoin (CRYPTO: BTC) rose 0.8%, reaching $76,000 to extend its record highs, while Ethereum (CRYPTO: ETH) outperformed with a gain of over 4%.





    Thursday’s Performance In Major U.S. Indices, ETFs





    Major IndicesPrice1-day % chg
    Nasdaq 10021,050.781.3%
    S&P 5005,968.270.7%
    Dow Jones43,748.200.0%
    Russell 20002,389.10-0.2%




    According to Benzinga Pro data:






    • The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.7% to $594.84.




    • The SPDR Dow Jones Industrial Average (NYSE:DIA) stalled at $437.25.




    • The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) soared 1.3% to $512.38.




    • The iShares Russell 2000 ETF (NYSE:IWM) eased 0.3% to $236.67.




    • The Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, rising 1.3%. The Financials Select Sector SPDR Fund (NYSE:XLF) lagged, down 1.2%.





    Thursday’s Stock Movers





    Some relevant reactions to earnings reports are:






    • Qualcomm Inc. (NASDAQ:QCOM), up 0.1%,




    • Gilead Sciences Inc. (NASDAQ:GILD), up 6.2%,




    • MercadoLibre Inc. (NASDAQ:MELI), down 16%,




    • APPLovin Corp. (NASDAQ:APP), up 43%,




    • McKesson Corp. (NYSE:MCK), up 11%,




    • Take-Two Interactive Software Inc. (NASDAQ:TTWO), up 6.3%,




    • Transdigm Group Inc. (NYSE:TDG), down 4.4%





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