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Daily Markets Update: Nasdaq Hits Record as Yields Top 5.3%, TSX Flat, Loonie Near 70¢

  S&P/TSX 35,518.55 +0.04% S&P 500 7,773.99 +0.66% Nasdaq 27,477.31 +1.05% Brent US$100.42 -1.8% USD/CAD 1.4250 Flat US 10-yr 5.315% +3.8 bp Monday, October 5 close, with Asia’s Tuesday session. Wall Street’s tech rally pushed the Nasdaq to a fresh record on Monday even as long-term bond yields kept climbing: the U.S. 10-year Treasury yield settled at 5.315%, a new 52-week high. Canada’s TSX barely moved, with tech gains offsetting a slide in energy and financials, and Cenovus fell after unveiling a C$5.7-billion takeover of Athabasca Oil. Oil dropped nearly 2% as G7 emergency stock releases and rising Middle East exports eased supply fears, and the loonie hovered near 70 U.S. cents, close to its weakest level in about 18 months. Canada: TSX Flat as Tech Offsets Energy Index / Stock Close Change S&P/TSX Composite 35,518.55 +0.04% Shopify (SHOP) — +5.7% Athabasca Oil (ATH) — +13.5% Cenovus Energy (CVE) C$44.86 -3.0% Suncor Energy (SU) — -1.2% The TSX added 15.90 points ...
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Stock Market Update: S&P 500 and Nasdaq Futures Climb as Fed Delivers and Meta Jumps

 


The stock market is showing positive momentum today, with futures for the S&P 500 and Nasdaq rising. This uptick comes on the heels of encouraging signals from the Federal Reserve and strong earnings reports from Meta Platforms.

Federal Reserve’s Impact: Federal Reserve Chair Jerome Powell has bolstered market confidence by suggesting that a rate cut could be on the table for September. This has increased traders’ expectations for a potential 25-basis-point reduction, with some even speculating a 50-basis-point cut.

Meta’s Strong Performance: Meta Platforms has seen a significant boost, with its shares climbing over 7% in pre-market trading. The company’s second-quarter earnings exceeded expectations, and its optimistic third-quarter sales forecast has further fueled investor enthusiasm.

Market Reactions: The positive news from Meta and the Federal Reserve has led to a rally in tech stocks. Futures on the S&P 500 and the tech-heavy Nasdaq 100 are both up roughly 0.4%, while Dow Jones Industrial Average futures have edged up by 0.1%.

Looking Ahead: Investors are now turning their attention to upcoming earnings reports from other major tech companies, including Apple and Amazon, which are due after the bell. Additionally, the market is awaiting the release of the July jobs report, which will provide further insights into the labor market and its impact on Fed policy.

Stay tuned for more updates as the market continues to react to these developments.


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