Nasdaq Hits Record as Alphabet Jumps in Late Hours
A rally in some of the largest tech companies pushed stocks higher, with Alphabet Inc. rallying in late hours as earnings beat estimates.
The Nasdaq Composite hit an all-time high, while the S&P 500 saw a mild gain. Between Tuesday and Thursday, a host of big techs with a combined market value of more than $12 trillion will report results. Shares of Google’s parent climbed 3.5%. Advanced Micro Devices Inc. sank 6% after giving a lackluster revenue forecast.
Just about a week away from the Federal Reserve decision, data showed US job openings fell to the lowest since early 2021. The figures run counter to the September employment report that pointed to a still-strong labor market, which prompted traders to trim bets on another big rate cut. A separate reading showed consumer confidence hit the highest since the start of the year.
The S&P 500 rose 0.2%. The Nasdaq 100 added 1%. The Dow Jones Industrial Average fell 0.4%. Bitcoin’s rally put the cryptocurrency on the verge of topping a record high of almost $74,000 reached in March. Treasury 10-year yields declined two basis points to 4.27%.
The S&P 500 rose 0.2% as of 4 p.m. New York time
The Nasdaq 100 rose 1%
The Dow Jones Industrial Average fell 0.4%
Source : Bloomberg
