Overview
The U.S. stock market closed higher today, buoyed by a rally in major tech stocks ahead of the Consumer Price Index (CPI) release. Positive developments in the U.S.-China trade discussions helped improve investor sentiment.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
A Major News Story
- The market was uplifted by the easing of U.S.-China trade tensions, as the White House announced a planned meeting between President Trump and President Xi on October 30.
- Tesla rebounded after recovering losses post-earnings release, contributing to the rally in major tech stocks.
- Quantum computing stocks surged after a Wall Street Journal report suggested federal support discussions for these companies.
- Molina Healthcare saw a dramatic fall of 17% due to disappointing earnings and guidance.
- Intel released a positive earnings outlook, while Ford projected up to a $2 billion loss from supply chain issues.
Tomorrow's Economic Indicators
| Time | Event |
|---|---|
| 10:30 PM | U.S. September CPI growth rate |
| 10:45 PM | U.S. October S&P Global Manufacturing PMI |
| 10:45 PM | U.S. October S&P Global Services PMI |
| 10:45 PM | U.S. October S&P Global Composite PMI |
| 11:00 PM | U.S. September New Home Sales |
| 11:00 PM | U.S. October Michigan Inflation Expectations |
| 11:00 PM | U.S. October Michigan Consumer Sentiment Index |
| 2:00 AM | U.S. Baker Hughes Total Rig Count |
A General Opinion
The focus shifts to the CPI data release on Friday. While inflation pressures persist, expectations of a rate cut by the Federal Reserve are high, suggesting limited market volatility. The earnings season continues with most companies surpassing estimates, indicating positive trends in corporate performance.
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