Nasdaq closes at record high as investors focus on earnings
The index rose 1.05% to 27,477.31 after weaker-than-expected US jobs data boosted bets against an October Fed rate hike. PTC jumped 33% on Schneider Electric's $22.6 billion all-cash bid, while RXO rose over 22% on a $5.8 billion deal with C.H. Robinson.
18% By Noel Randewich Oct 5 (Reuters) — The Nasdaq notched a record high close on Monday, lifted by Nvidia and Microsoft, as investors focused on a dip in oil prices and looked ahead to quarterly earnings reports. It was the Nasdaq's second day of sharp gains after weaker-than-expected jobs data on Friday dampened expectations for an interest rate hike from the Federal Reserve at its policy meeting this month. 3% below its August 13 record high close. 76 trillion.
5%, while Meta Platforms and Tesla gained about 2% each. Oil prices slipped after crude exports from the Middle East increased and the Group of Seven nations pledged to boost supplies. "With the economic data calendar being light and earnings about a week away, investors are really groping for anything positive to glom onto, and clearly they're looking at lower energy prices," said Art Hogan, chief market strategist at B. Riley Wealth.
Banks Kick Off Third-quarter Results Third-quarter earnings season kicks off next week with reports from large US banks. Analysts on average see S&P 500 earnings jumping over 30% year over year, thanks largely to AI-related stocks, Following jobs data on Friday that showed US job growth slowed more than expected in September, traders see a 24% chance of an interest rate hike at the Fed's October meeting, down from a 70% chance a week ago, according to CME's FedWatch tool. 6 billion all-cash deal. 95 points.
90 points. The Nasdaq's previous record high close was on September 22. 14% gain in communication services. Optimism about robust corporate earnings has helped US stocks outperform global rivals in the last six months, despite rising Treasury yields and higher oil prices related to the US war with Iran.
H. 8 billion. H. Robinson fell nearly 11%.
7-to-1 ratio. The S&P 500 posted 13 new highs and 20 new lows; the Nasdaq recorded 57 new highs and 243 new lows. 3 billion shares over the previous 20 sessions. com)