Nasdaq Hits Record High as Rate-Hike Odds Plunge to 21.6%
IXIC sits 32% above its 52-week low of $20,690.249 on light trading volume (0.4× avg).
Summary
The Nasdaq Composite reached a new record intraday high, up 0.8% to 27,394.58, as traders reassessed the Fed's path after softer inflation and a weak September jobs report. The S&P 500 gained 0.4%, while the Dow slipped 0.2% on weakness in Merck, Nike, and Salesforce. CME FedWatch now shows only a 21.6% chance of a quarter-point hike later this month, down from 70.9% a week ago. The ISM services PMI dipped to 54.9, still indicating expansion but slightly below expectations. Treasury yields continued to climb, with the 10-year up 3.8 basis points to 5.315%, creating an unusual divergence where growth stocks rally on softer Fed expectations while the risk-free rate remains elevated. The Fed releases minutes from its latest meeting on Wednesday, which could clarify the rate outlook.
At the time of this announcement, IXIC was trading at $27,389.66 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,403.57. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.