US Stocks Rise Amid AI Optimism and Prospect of Fed Cuts cover art

US Stocks Rise Amid AI Optimism and Prospect of Fed Cuts

US Stocks Rise Amid AI Optimism and Prospect of Fed Cuts

Listen for free

View show details

About this listen

 The US stock market continued its winning streak on Friday, October third, with all major indices climbing higher. The Dow Jones Industrial Average rose four hundred and twenty-eight points, or zero point nine two percent, to forty-six thousand nine hundred and forty-eight. The S&P five hundred added twenty-five points, up zero point three eight percent, to six thousand seven hundred and forty-one, while the Nasdaq edged up twenty points, or zero point zero nine percent, closing at twenty-two thousand eight hundred and sixty-five. Small-caps led the way, with the Russell two thousand jumping one point zero nine percent. According to eOption and Hammerstone Markets, optimism is being fueled by bets on artificial intelligence growth, expectations for further Federal Reserve rate cuts, and a general risk-on appetite—even as a US government shutdown enters its third day, interrupting key economic data releases.

Healthcare, utilities, and real estate investment trusts were among the top performing sectors, while energy lagged—particularly oil refiners like Valero and PBF, downgraded by Morgan Stanley. In contrast, Freeport-McMoRan rose after an upgrade by UBS, and managed care stocks such as Humana, Centene, UnitedHealth, and Cigna were strong performers. On the losing side, Applied Materials declined on new US restrictions impacting its China business, and Macau casino operators dropped on weak Chinese holiday travel data. Palantir fell after a report highlighted security concerns in a US Army communications project.

Trading volume was notable in Bitcoin-related stocks as digital currencies rallied, with Bitcoin mining updates boosting shares of companies like CleanSpark and Marathon Digital. Bitcoin itself traded near one hundred and twenty thousand US dollars. Gold continued its climb, approaching three thousand nine hundred US dollars per ounce, while oil prices rebounded today but are still headed for their worst week since April, down over seven percent.

Key economic data was disrupted by the government shutdown; today’s non-farm payrolls and yesterday’s jobless claims were not released. Earlier in the week, the ISM non-manufacturing index for September came in at fifty, below expectations and lower than August’s reading, signaling a potential slowdown in services activity.

Looking ahead, pre-market futures suggest a steady open, but all eyes remain on Washington for any resolution to the shutdown. Notable earnings next week include reports from major banks and consumer goods companies.

Thank you for joining this daily market update. If you found this helpful, subscribe for more insights. This has been a quiet please production—for more, check out quiet please dot ai.

For great deals check out https://amzn.to/403yeYo

This content was created in partnership and with the help of Artificial Intelligence AI
No reviews yet
In the spirit of reconciliation, Audible acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.