The S&P 500 and Nasdaq Composite surged to record highs on Wednesday, driven by strong reports from Salesforce and Marvell Technology, with tech stocks leading the rally.

The broad market index rose 0.61 per cent, closing at 6,086.49, while the Nasdaq climbed 1.3 per cent to finish at 19,735.12. The Dow Jones Industrial Average gained 308.51 points, or 0.69 per cent, closing at 45,014.04. All three major indexes reached all-time highs during the session and ended at record levels, with the Dow closing above the 45,000 mark for the first time.

Federal Reserve Chair Jerome Powell's comments further fuelled optimism, suggesting a more cautious approach to interest rate cuts. The probability of a 25-basis point cut in December, according to the CME FedWatch measure, is now at 75.5 per cent, a slight increase from the previous day.

Atlassian shares jumped over 7 per cent after announcing a strategic partnership with Amazon Web Services unit.

Meanwhile, bitcoin rebounded from a dip to regain above $99,000, aided by the announcement of Paul Atkins as the potential new chairman of the US Securities and Exchange Commission. He is known for supporting digital assets.
Looking at the local market, the SPI futures are pointing to a 0.1 per cent rise.

In company news, HMC Capital is acquiring Neoen’s Victorian renewable energy assets for $950 million, highlighting the robust activity in the energy sector. This acquisition adds 652 megawatts of operational capacity and 2800 megawatts of potential development.

Today, Fisher & Paykel Healthcare shares will trade ex-dividend.

Disclaimer

The views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.
Copyright 2024 – Finance News Network


Source: Finance News Network