Stock Market Today: Stocks higher amid flip on big Fed rate cut bets
U.S. stocks are looking to extend their four-day winning streak heading into the Friday session.
Check back for updates right at some point of the trading day
U.S. stocks bumped higher in early Friday trading, extending a superior week-long gain for the S&P 500, as investors added to bets on an oversized Federal Reserve interest rate cut following two key inflation readings.
Updated at 9:38 AM EDT
Solid open
The S&P 500 became marked 15 points or 0.28% higher right at some point of 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 handle Google-backed (GOOGL) Waymo to bring self reliant 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 in order to handiest be readily to be had on the Uber app.
"We're delighted to construct on our a hit partnership with Waymo, which has already powered fully self reliant trips for tens of thousands of riders in Phoenix," said CEO Dara Khosrowshahi.
Uber shares were marked four.sixty six% higher in premarket trading to indicate an opening bell price of $71.fifty one each and every.
Stock Market These days
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 bottom headline Consumer Price Index reading since February 2021 the day prior to this.
Media reports, as well to 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. Andrew Harnik/Getty Images
"I believe there is a robust case for 50, whether or not they will do it or no longer," Dudley told a financial event in Singapore.
CME Group's FedWatch now pegs the percentages of the sort of move at Forty three%, well beforehand of the 14% level indicated in early Thursday dealing.
Benchmark 2-year Treasury note yields eased to three.582% in overnight trading, with 10-year notes slipping to three.648%.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, became marked 0.38% lower at a hundred.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.
Related: CPI inflation report pumps the brakes on big Fed rate cut bets
Futures tied to the Dow Jones Industrial Average suggest a 92 point opening bell gain in spite of a large three.eighty five% 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.eight% to a record high of $A hundred and seventy.eighty each and every after the cloud software group boosted its full-year revenue forecast at an analyst meeting in Austin.
Adobe (ADBE) shares tumbled eight.25% after the graphics-software specialist issued a tepid near-term forecast that clouded a superior fiscal-1/3-quarter earnings report.
More Wall Street Analysts:
- Analyst says Intel should drop a key business to live on
- Analysts adjust Bookings.com stock price target on commute market
- Analysts place bets on Las Vegas strip casino stocks
In foreign places markets, Europe's Stoxx 600 rose 0.Forty eight% in Frankfurt following the day prior to this's ECB rate decision, which lowered the region's benchmark borrowing cost to three.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.sixty eight% lower in Tokyo. The regional MSCI ex-Japan benchmark edged 0.fifty four% higher into the close of trading following last night's rally on Wall Street.
Related: Veteran fund manager sees world of pain coming for stocks
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