The stock market saw a positive start to the week, with US stocks rising on Monday and two major indexes clinching record closes. Nvidia (NVDA) led a risk-on rally in the market that extended to most sectors and even cryptocurrencies. The S&P 500 (^GSPC) moved up nearly 0.8% to close at a fresh record, while the tech-heavy Nasdaq Composite (^IXIC) jumped nearly 0.9%. The Dow Jones Industrial Average (^DJI) also rose more than 200 points, closing above the 43,000 level for the first time.
Tech stocks, particularly Nvidia, were the main drivers of the day’s gains. Nvidia saw a nearly 3% increase to close at a new high above $138 per share. Other semiconductor stocks also surged, including ASML (ASML), Arm Holdings (ARM), and Applied Materials (AMAT). This positive momentum also spilled over into the cryptocurrency market, with Bitcoin (BTC-USD) climbing more than 5% in the past 24 hours to touch above $65,700 per coin, while Ethereum (ETH-USD) rallied nearly 8% on the day.
As the first full week of third quarter results got underway, earnings took center stage. The focus was on big banks, with reports from JPMorgan Chase (JPM) and Wells Fargo (WFC) largely passing Wall Street’s test. Investors awaited reports from other major banks like Goldman Sachs (GS), Citi (C), Bank of America (BAC), and Morgan Stanley (MS) in the following days.
Despite the positive market sentiment, there was still uncertainty around whether the Federal Reserve would cut interest rates again. A benign jobs report and data showing “sticky” consumer and wholesale inflation were factors influencing the debate on a potential rate cut in November. Retail sales data later in the week would also contribute to the discussion regarding the economy’s resilience in the face of Fed policy.
At Extreme Investor Network, we understand the importance of staying informed about market movements and earnings reports. Our expert analysis and unique insights can help you navigate the financial landscape with confidence. Stay connected with us to access exclusive content and strategies to maximize your investment opportunities.