US Market Ahead Of Fed Minutes, CPI Data: Dow Jones, S&P 500, Nasdaq Rise On October 8, 2024

The US market closed on October 8, 2024, at a higher note as traders await Fed minutes scheduled for Wednesday. The latest upside was driven by tech-related stocks. Nasdaq Composite index outperformed its counterparts, while the S&P 500 and Dow Jones surged too. Meanwhile, geopolitical tensions continue to set flames in regions of the Middle East, with the latest update from Israel confirming the death of Hassan Nasrallah's successor.

Wall Street On Tuesday:

Dow Jones: The Dow Jones Industrial Average ended at 42,080.37, up by 126.13 points or 0.30%. The index had touched an intraday high of 42,128.56.

S&P 500: The index closed at 5,751.13, up by 55.19 points or 0.97%. The index rallied to hit an intraday high of 5,757.60 during the session.

Nasdaq Composite: This index, which includes major tech giants, outperformed the Dow Jones and S&P 500 indexes, with gains of 259.01 points or 1.45% to finish at 18,182.92. The index touched an intraday high of 18,203.04 during trading hours.

On the performance, Trading Economics commentary said, that nine out of the 11 S&P sectors ended higher, led by technology, communication services and consumer discretionary. Notable performances were seen from megacap tech names like Nvidia (4.1%), Apple (1.8%) and Meta Platforms (1.4%). Meanwhile, energy and material stocks declined, including Exxon Mobil (-2.7%), Chevron (-1.6%) and Southern Copper (-3.8%). Those moves came as last week's solid jobs report raised hopes that the Federal Reserve will achieve a soft landing.

Trading Economics data further said, investors also reacted to a sharp drop in oil prices, while the 10-year US yield held above 4%. Still, investors expect further volatility in the lead-up to the US presidential election. Markets now look ahead to the latest Fed minutes and big bank earnings.

On Wednesday, FOMC minutes of the September 2024 meeting will be announced. While US CPI inflation is scheduled for Thursday, followed by the Producer Price Index (PPI) report on Friday. According to the CME FedWatch tool, market participants predict an 87% probability of a 25 bps rate cut in the upcoming policy of the Fed which is in November.

Meanwhile, as per Reuters, Israeli forces have killed the would-be successors of late Hezbollah leader Sayyed Hassan Nasrallah, Israeli Prime Minister Benjamin Netanyahu said on Tuesday, without naming them.

Further, it is reported that US President Joe Biden is likely to have a discussion with Netanyahu on Wednesday, over the plan to strike on Iran.