9 hrs ago
Nasdaq Sets Record Close as Investors Anticipate Earnings
The Nasdaq, a group of many company stocks, finished Monday at its highest closing level ever.
Nvidia and Microsoft shares rose, helping lift the index.
Investors were also watching oil prices, which fell.
Recent jobs data showed that U.S. job growth had slowed more than expected.
That made traders less likely to expect an interest rate increase from the Federal Reserve this month.
Many investors are now waiting for companies to report their latest earnings.
Major U.S. banks are due to start reporting next week.
PTC shares jumped after Schneider Electric agreed to buy the company.
The Nasdaq Composite rose 1.06% to a record closing level of 27,480.28.
Nvidia and Microsoft gained as investors focused on upcoming corporate earnings.
After weaker-than-expected September jobs data, traders put the chance of an October Fed rate hike at 24%, down from 70% a week earlier.
Third-quarter earnings season is set to begin next week with results from major U.S. banks; analysts expect S&P 500 earnings to rise more than 30% year over year.
PTC surged after Schneider Electric agreed to acquire it for $22.6 billion in cash.
- Who
- Investors, including traders monitoring U.S. stocks and Federal Reserve policy.
- What
- The Nasdaq Composite closed at a record high as U.S. stocks rose.
- Where
- U.S. stock markets.
- When
- Monday, Oct. 5; the article does not specify the year.
- Why
- Investors focused on upcoming earnings, lower oil prices, and reduced expectations of an October Federal Reserve rate hike after weaker-than-expected jobs data.
Key facts
- Nasdaq Composite
- Closed at 27,480.28, up 1.06%; its previous record close was Sept. 22.
- S&P 500
- Closed at 7,774.22, up 0.67%.
- Dow Jones Industrial Average
- Closed at 51,274.32, up 0.18%.
- October rate-hike odds
- Traders saw a 24% chance, down from 70% a week earlier, according to CME's FedWatch tool.
- Earnings season
- Third-quarter reports from large U.S. banks are due to begin next week.
- PTC deal
- Schneider Electric agreed to acquire PTC in a $22.6 billion all-cash deal.
- RXO deal
- C.H. Robinson Worldwide agreed to buy RXO in a $5.8 billion stock-and-cash transaction.
Quotes
Art Hogan
Chief market strategist at B. Riley Wealth
“With the economic data calendar being light and earnings about a week away, investors are really groping for anything positive to glom onto, and clearly they're looking at lower energy prices.”
livemint.com
Sources
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