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46m ago

S&P 500, Nasdaq Close at Records as AI Rally Rolls On

Fed minutes reinforced expectations for another rate cut this month.

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A trader looks at the electronic board on the floor of the Philippine Stock Exchange at the end of the trading day in Makati City, metro Manila November 12, 2007. REUTERS/Darren Whiteside
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Overview

  • S&P 500 rose 0.6% to 6,753.72 and the Nasdaq advanced 1.1% to 23,043.38, both setting new closing highs, while the Dow finished essentially flat.
  • AI-linked tech led the gains, with chipmakers out front and Nvidia rising after CEO Jensen Huang said computing demand has increased substantially.
  • FOMC minutes showed most officials see further easing as likely this year, though views diverged on inflation risks, and markets price high odds of a 25bp cut on Oct. 29.
  • The U.S. government shutdown reached day eight, curtailing routine economic reports and pushing investors to lean on Fed communications and upcoming earnings.
  • Gold traded above $4,000 per ounce to fresh highs, and EIA data showed a 3.715 million-barrel build in U.S. crude inventories for the week ended Oct. 3.