Stocks surged Wednesday, led by a rally in shares of major technology companies that boosted the Nasdaq Composite to a record high above 20,000 points for the first time.
The Nasdaq and S&P 500 recently were up 1.7% and 0.9%, respectively, while the Dow Jones Industrial Average added 0.2%. U.S. stocks were coming off of two straight days of losses as the market took a breather from a post-election rally that has sent major indexes to a series of record highs.
Large-cap technology stocks were higher across the board on Wednesday, led by Google-parent Alphabet’s (GOOGL) 5% gain. Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Meta (META) and Tesla (TSLA) were also solidly higher.
Stocks got off to a good start early Wednesday after closely watched inflation data came in as expected. The Consumer Price Index report showed that 12-month inflation rose to 2.7% in November, from 2.6% the month before. The reading, while indicating that inflation remains sticky, reinforced expectations that the Federal Reserve will likely cut its benchmark fed funds rate at its policy meeting a week from today.
Market participants are now pricing in a 95% chance of a quarter-point rate cut next week, compared with the 86% likelihood that was being priced in before the inflation report was released, according to the CME Group’s FedWatch Tool, which calculates probabilities of rate adjustments based on fed fund futures trading data.
The yield on 10-year Treasurys, which is correlated with expectations about where interest rates are headed, was trading at 4.25%, down from an earlier high of 4.26%
Bitcoin was trading at $100,000 up from overnight lows around $96,000. The digital currency has gained about 40% since the election amid hopes that the Trump administration will adopt policies that benefit the crypto market.
Gold futures were up more than 1% at $2,760 an ounce, while crude oil futures rose about 2%.
Alphabet Levels to Watch as Stock Hits New High
2 hr 7 min ago
Shares in Google parent Alphabet (GOOGL) (GOOG) hit a record high Wednesday morning, boosted by the recent unveiling of a quantum computing chip called Willow.
The stock broke out above a symmetrical triangle on Tuesday, indicating a continuation of the longer-term uptrend.
Bars pattern analysis forecasts a potential upside target of $317 and indicates that the stock’s uptrend may play out until March 2026.
Investors should watch important support levels on Alphabet’s chart around $150 and $122.
The stock was up 4% at around $192 in recent trading.
Read the full technical analysis piece here.
Macy’s Tumbles as Retailer Releases Delayed Earnings Report
3 hr 21 min ago
Macy’s (M) shares fell Wednesday morning after the company posted its delayed third-quarter earnings report and shifted its full-year outlook to adjust for the completed investigation into the accounting error that led to the report being delayed.
The retailer reported $4.74 billion in revenue, in line with the preliminary results it released last month, and below the $4.88 billion analysts expected. Macy’s net income of $28 million, or 10 cents per share, outpaced the $6.4 million and 3 cents per share analysts had expected, but the company’s adjusted earnings per share (EPS) was just one cent better than expected.
Last month, Macy’s reported preliminary revenue and comparable sales figures as it also delayed the release of the third quarter report. The retailer said it had discovered an accounting error believed to have been made by a single employee who hid millions in delivery expenses since the fourth quarter of fiscal 2021. On Wednesday, the company said the investigation into the error has been completed, and confirmed that the employee acted alone in hiding $151 million in delivery expenses.
To adjust for the corrected delivery expenses, Macy’s lowered its full-year adjusted EPS range to $2.25 to $2.50, down from $2.55 to $2.90 previously. The retailer also lifted its full-year sales projections to $22.3 billion to $22.5 billion, up from $22.1 billion to $22.4 billion.
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Macy’s shares were down about 10% in early trading Wednesday, putting them down just over 25% since the start of 2024.
Major Stock Index Futures Up Slightly
5 hr 11 min ago
Futures tied to the Dow Jones Industrial Average were up fractionally.
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S&P 500 futures were up 0.1%.
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Nasdaq 100 futures were up 0.2%.
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