As of 11:41 AM ET, the S&P 500 (^GSPC +0.55%) is up 0.61% to 7,723, the Nasdaq Composite (^IXIC +1.15%) has climbed 1.08% to 26,458 as technology stocks lead the session, and the Dow Jones Industrial Average (^DJI -0.07%) is trading 0.16% higher at 52,447.
Today’s Change
Index Level
7,719.06
Gold is up 1.24% to $4,062.96, and the 10-Year Treasury yield edged down slightly to 4.99%. Technology and basic materials are the top-performing sectors, while consumer defensive and real estate stocks slipped.
Today’s biggest moves
Royal Caribbean Group climbed 7.6% on stronger-than-expected third-quarter earnings and a full-year guidance raise. Cruise peers Norwegian Cruise Line and Carnival Corp. also gained. Tesla extended gains after a Barclays upgrade yesterday. Conversely, UniFirst and Cintas dropped on reports that the Federal Trade Commission plans to block their $5.5 billion merger.
SoFi Technologies surged 15% this morning after a third-quarter earnings beat driven by its consumer lending division, suggesting that demand for personal finance products remains robust despite high borrowing costs. Dell Technologies soared after it debuted new cybersecurity tools.
What this means for investors
Tech boosted major U.S. indexes this morning as investors returned to chipmakers and artificial intelligence (AI) stocks ahead of several megatech earnings later this week. Investors are laser-focused on capex spending and when those investments will start to deliver returns.
It will be a big news week: The Federal Reserve kicked off its two-day meeting today. While an October rate hike looks unlikely, tomorrow’s press conference may give traders clues about monetary moves in the remainder of the year. Brace for a bumpy ride in the short term and watch for earnings resilience, especially in tech stocks, as that would suggest the AI cycle still has room to run.
Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices and Tesla. The Motley Fool recommends Carnival Corp., Cintas, and Johnson & Johnson. The Motley Fool has a disclosure policy.
