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4h ago

Fed Cut Lifts Stocks to Records With Tech Catalysts Adding Momentum

Bets on continued easing outweighed concern about rising long-term yields.

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David Wright, co-founder and CEO of Pattern Group Inc., center, during the company's initial public offering (IPO) in New York on Sept. 19. Pattern Group sells goods on multiple marketplaces, including Amazon.com berg via Getty Images
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Overview

  • S&P 500, Dow, Nasdaq Composite and Nasdaq-100 closed at all-time highs Friday, capping weekly gains of roughly 1.22% for the S&P, 2.21% for the Nasdaq and 1.05% for the Dow.
  • Traders priced a very high chance of another 25-basis-point cut at the Oct. 28–29 FOMC meeting as Minneapolis Fed President Neel Kashkari said he expects two more reductions this year.
  • The 10-year Treasury yield rose to about 4.13% by Friday, limiting some equity upside even as risk appetite improved.
  • Nvidia agreed to invest $5 billion in Intel to co-develop multiple generations of custom data center and PC products, helping drive Intel to a 52-week high.
  • Oklo surged after a U.S.–U.K. nuclear energy agreement and its plan for a Tennessee fuel recycling facility, a project the company said could involve $1.68 billion in investment and more than 800 jobs.