OAN Staff James Meyers
11:30 AM – Wednesday, October 9, 2024
The Dow increased over 400 points on Wednesday as major investors awaited the minutes of the Federal Reserve’s latest meeting, as certain shares fell after the U.S. stated it was considering breaking up Google.
Advertisement
In recent trading, the Dow Jones Industrial Average jumped 361 points (0.9%), to 42,438.
The S&P 500 hit an all-time high of 5,785.38 gained and was up another 0.6%. The Nasdaq advanced 0.5%.
Alphabet shares were down 0.2% in earl trading after the Department of Justice (DOJ) said it may ask a judge to force Google to divest parts of its business, including the Chrome browser and Android operating system, to divert its search monopoly.
“(This is) just a reflection of how super-sized Big Tech has become. Any uncertainty there will feature into the rest of the market,” said Ben Laidler, head of equity strategy at Bradesco BBI.
However, trading has been up in the air this week, with investors adjusting their cut-rate expectations, seeking a new catalyst for a clearer market direction. Their attention will now turn on crucial inflation data on Thursday and the upcoming third-quarter corporate earnings season.
Investors are overwhelmingly pricing in a 25-basis-point-reduction in borrowing costs at the Fed’s November meeting, with some now seeing a slight chance that the central bank will keep rates on hold.
Prior to the release of strong employment data last week, markets have been heading towards an outsized 50-bps cut in November.
Among single stocks, Boeing lost 3.1% after talk between the company and its key manufacturing union broke down.
Meanwhile, U.S.-listed shares of Chinese firms dropped as investors continued to question if China would announce stimulus measures.
Furthermore, investors were keeping an eye on the impact from Category 5 Hurricane Milton as well as the escalating conflict in the Middle East.
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
Advertisements below