Nasdaq notches record high close as investors focus on earnings
SPY•The Nasdaq rose 1.06% to a record close of 27,480.28 on Monday, while the S&P 500 gained 0.67% and the Dow rose 0.18%. Investors looked ahead to earnings and weighed lower oil prices and reduced expectations for an October Fed rate hike.
1. Nasdaq sets closing record
The Nasdaq notched a record high close, lifted by gains in Nvidia and Microsoft, as investors focused on lower oil prices and upcoming quarterly earnings. The S&P 500 gained 51.50 points to 7,774.22, and the Dow rose 94.59 points to 51,274.32.
2. Rate hike odds fall
After September job growth slowed more than expected, traders saw a 24% chance of an interest rate hike at the Fed’s October meeting, down from 70% a week earlier. Oil prices slipped after Middle East crude exports increased and G7 nations pledged to boost supplies.
3. Earnings season approaches
Large U.S. banks are set to kick off third-quarter earnings season next week. Analysts on average expect S&P 500 earnings to rise more than 30% year over year, largely due to AI-related stocks, according to LSEG data.
