Linea Mercati Interview 12/3/24
December 4, 2024Linea Mercati Interview 12/4/24
December 5, 2024December 4, 20242:53 PM ESTUpdated 10 min ago
Specialist traders work inside a post on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 2, 2024. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
- Summary
- Companies
- Salesforce jumps after beating Q3 revenue estimates
- November ADP private payrolls at 146,000 versus 150,000 estimate
- ISM non-manufacturing PMI at 52.1 in November, below estimates
- Indexes up: Dow 0.6%, S&P 500 0.5%, Nasdaq 1.2%
NEW YORK, Dec 4 (Reuters) – U.S. stocks were solidly higher in afternoon trading on Wednesday as technology shares rose after upbeat results from Salesforce, while indexes added to gains following comments by Federal Reserve Chair Jerome Powell.
Both the S&P 500 and the Nasdaq touched record highs.
Powell said the economy is stronger than it had appeared in September when the central bank began cutting interest rates. That could possibly allow policymakers to be more cautious in cutting rates further, he said.
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Powell’s comments overall along with the Beige Book report added to the upbeat tone in the market, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
The central bank’s Beige Book released Wednesday afternoon showed economic activity rose slightly in most Fed districts.
Powell “was very upbeat about economy, and he said we’re making progress on inflation… that’s good news for stocks in general,” Cardillo said.
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Salesforce (CRM.N), opens new tab jumped 8.9% to an all-time high after the enterprise cloud company beat Street estimates for third-quarter revenue and raised the lower end of its annual revenue forecast.
Other cloud companies also jumped, and the S&P 500 technology index (.SPLRCT), opens new tab hit a record high.
The Dow Jones Industrial Average (.DJI), opens new tab rose 271.98 points, or 0.61%, to 44,977.51, the S&P 500 (.SPX), opens new tab gained 30.92 points, or 0.51%, to 6,080.80 and the Nasdaq Composite (.IXIC), opens new tab gained 226.32 points, or 1.16%, to 19,707.23.
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00:02Companies are racing to make AI-fueled robots for everyday life
Also gaining, Marvell Technology (MRVL.O), opens new tab advanced 24% to a record high after the chipmaker forecast fourth-quarter revenue above analyst estimates, while the broader Semiconductor index (.SOX), opens new tab rose 1.6%.
Investors await monthly U.S. jobs data due on Friday.
Investors expect a third consecutive interest-rate cut at the central bank’s Dec. 17-18 meeting.
Earlier, U.S. private payrolls data showed a modest increase in November.
Separately, a survey from the Institute for Supply Management showed U.S. services sector activity slowed in November after big gains in recent months. The final reading of the S&P services survey was revised lower to 56.1.
Advancing issues outnumbered decliners by a 1.01-to-1 ratio on the NYSE. There were 311 new highs and 64 new lows on the NYSE.
On the Nasdaq, 2,223 stocks rose and 2,027 fell as advancing issues outnumbered decliners by a 1.1-to-1 ratio.
The S&P 500 posted 27 new 52-week highs and 6 new lows while the Nasdaq Composite recorded 134 new highs and 90 new lows.
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Additional reporting by Shashwat Chauhan and Purvi Agarwal in Bengaluru; Editing by Pooja Desai and David Gregorio
Our Standards: The Thomson Reuters Trust Principles., opens new tab
