Wall Street experiences a slight uptick as the pressure from the oil and bond markets eases this month.
- The S&P 500 shows a 0.5% increase, gaining 25 points to reach 4,299.
- The Dow rises by 0.3%, or 116 points, bringing it to 33,666.
- The Nasdaq climbs 0.8%, or 108 points, reaching 13,201.
The stock market receives some relief from a drop in oil prices, following crude’s highest price of the year. Treasury yields also relax, providing the stock market, especially the Big Tech companies, some room to breathe. The S&P 500 sees a significant boost, with Tesla gaining 2% and Meta Platforms climbing 1.7%. However, stocks are still on track for their worst month of the year as Wall Street adjusts to a new normal with high interest rates. The Federal Reserve has raised its main interest rate to the highest level since 2001 in an attempt to control high inflation. It also indicates that next year’s rate cuts may be less than previously expected.
On Wall Street, Peloton Interactive enjoys a 6.3% jump after announcing a five-year partnership with Lululemon Athletica, an athletic wear maker. Trimble also rises by 7.6% after revealing that it will receive $2 billion in cash and a 15% ownership stake in a joint venture with agricultural machinery company AGCO. In the joint venture, Trimble will contribute a significant portion of its precision agriculture business. AGCO gains 3% as a result. On the down side, Micron experiences a 4.4% slump, despite reporting better-than-expected results for the latest quarter. However, its forecast for future profitability falls short of some analysts’ estimates.
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