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TheStreet
Stock Market Today: Stocks end higher
amid flip on big Fed rate cut bets
By Martin Baccardax,
14 hours ago
Updated at 4:39 PM EDT by Rob Lenihan
Stocks ended higher Friday, with the S&P 500 and the Nasdaq Composite posting their strongest week of the year, as investors added to bets on an outsized Federal Reserve interest rate cut following two key inflation readings.
The Dow Jones Industrial Average surged nearly 300 points, or 0.72%, to finish the session at 41,393.78, while the S&P 500 gained 0.54% to 5,626.02 and the tech-heavy Nasdaq advanced 0.65% to finish the day at 17,683.98.
For the week, the S&P 500 rose 4%, and the Nasdaq Composite gained 5.9% — the best week this year for both indexes, CNBC reported , while the Dow has advanced 2.6% in the period.
Wall Street is looking to the Fed’s policy meeting on Sept. 17-18, where the central bank is largely anticipated to lower interest rates by 25 basis points.
Updated at 12:11 PM EDT
Record watch
The S&P 500 is now just 36 points shy of its July all-time peak, and was last marked 0.64% higher on the session to extend five-day advance of around 34%.
The Nasdaq was last marked 126 points, or 0.72% higher on the day, with the Dow gaining 397 points despite the pullback in Boeing and JPMorgan ( JPM ) .
Updated at 11:06 AM EDT
Pump pummeled
Global oil prices are on pace for their first weekly gain in five, thanks in part to a weaker U.S. dollar and the impact of Hurricane Francine, but are still pegged near the lowest levels since 2021.
That's helping gas prices extend their long summer run of declines, with the AAA estimating the average cost per gallon at around $3.23, with others pointing to a $3 average by as early as next month.
WTI crude futures for October delivery were last seen trading at $70.04 per barrel, putting the U.S. benchmark in-line for a five-day gain of around 3.5%.
The S&P 500 was marked 15 points or 0.28% higher in the opening minutes of trading, while the Nasdaq gained 32 points, or 0.18%.
The Dow, meanwhile, added 171 points while the small cap Russell 2000 gained 29 points, or 1.36%.
Updated at 9:14 AM EDT
Taxi for Uber!
Uber Technologies ( UBER ) shares leapt higher in early trading after the group reached a deal with Google-backed ( GOOGL ) Waymo to bring autonomous ride-hailing to two major cities next year.
The pair will launch the move in Austin and Atlanta with a fleet of Waymo's Jaguar I-PACE vehicles that will only be available on the Uber app.
"We're thrilled to build on our successful partnership with Waymo, which has already powered fully autonomous trips for tens of thousands of riders in Phoenix," said CEO Dara Khosrowshahi.
Uber shares were marked 4.66% higher in premarket trading to indicate an opening bell price of $71.51 each.
Stock Market Today
Stocks ended higher on Thursday, taking the S&P 500 and the Nasdaq to a four-day winning streak, after a muted reading of factory gate inflation for August paired with the lowest headline Consumer Price Index reading since February 2021 the previous day.
Media reports, as well as comments from former New York Fed President Bill Dudley, ignited bets on a 50 basis point rate cut from the central bank next week in Washington, which pulled Treasury yields lower and dragged the dollar to its lowest level of the year against the yen.
Fed Chair Jerome Powell and his colleagues are reportedly mulling a 50 basis point rate cut when they meet next week in Washington.
"I think there's a strong case for 50, whether they're going to do it or not," Dudley told a financial event in Singapore.
CME Group's FedWatch now pegs the odds of such a move at 43%, well ahead of the 14% level indicated in early Thursday dealing.
Benchmark 2-year Treasury note yields eased to 3.582% in overnight trading, with 10-year notes slipping to 3.648%.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.38% lower at 100.978.
Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500 are priced for a 15 point opening bell gain, with those linked to the Nasdaq indicating a 25 point bump.
Futures tied to the Dow Jones Industrial Average suggest a 92 point opening bell gain despite a big 3.85% premarket decline for Boeing ( BA ) .
The 33,000 members of the International Association of Machinists and Aerospace Workers, the planemaker's lead union, voted last night to authorize the first labor strike since 2008.
Oracle ( ORCL ) shares were also active, rising 5.8% to a record high of $170.80 each after the cloud software group boosted its full-year revenue forecast at an analyst meeting in Austin.
Adobe ( ADBE ) shares tumbled 8.25% after the graphics-software specialist issued a tepid near-term forecast that clouded a solid fiscal-third-quarter earnings report.
In overseas markets, Europe's Stoxx 600 rose 0.48% in Frankfurt following yesterday's ECB rate decision, which lowered the region's benchmark borrowing cost to 3.5% but kept a lid on forecasts for future reductions.
Overnight in Asia, the stronger yen held down gains for the Nikkei 225, which closed 0.68% lower in Tokyo. The regional MSCI ex-Japan benchmark edged 0.54% higher into the close of trading following last night's rally on Wall Street.
Trump will spin it and says it's because people say, ,"Sir, it's because of you, thank you, Sir" With tears in their eyes, those who "have never cried before"
Sheep among Wolves
5h ago
Senior citizens on fixed incomes, HOLD YOUR HATS! You can’t depend on savings interest to help keep up with inflation. We are all going backwards.
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