Overview
Today's U.S. stock market saw a remarkable rise, buoyed by the Federal Reserve's decision to cut interest rates and anticipation of improved U.S.-China relations. The U.S. stock market closed higher as it digested the Federal Reserve's rate cut decision, with technology stocks leading the charge. Notably, the S&P 500 index surpassed the 6666 mark, hitting an all-time high, fueled by the options expiration of a significant $5 trillion notional value.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
A Major News Story
Apple Inc. surged 3.2% following JP Morgan's upward target price revision and the global launch of its new iPhone. Tesla also gained more than 2.2% after Baird upgraded its investment opinion. Late in the session, Oracle's talks with Meta regarding a $20 billion cloud computing deal caught attention. Additionally, positive sentiment towards improved U.S.-China relations was reflected in the market. President Trump announced progress on several critical issues, including trade and the TikTok transaction, after talks with China's president.
Economic Indicators for Tomorrow
| Release Time | Indicator Description |
|---|---|
| 10:30 PM | U.S. August National Economic Activity Index |
| 10:45 PM | Fed Williams' Speech |
| 11:00 PM | Fed Harker's Speech |
| 01:00 AM | Fed Barkin's Speech |
| 01:00 AM | Fed Bostic's Speech |
General Opinion
The Federal Reserve's rate cut has fostered strength in tech stocks, contributing to market gains. Optimism surrounding U.S.-China relations further bolstered investor sentiment. As we approach the next earnings season, the positive market tone is expected to continue, with analysts predicting over 22% of S&P 500 companies will exceed market expectations for Q3 earnings.
