Stocks Rise Ahead of CPI As Oil Price Increase Sinks Bonds – US Market Wrap
A surge in major tech propelled stocks higher as trade tensions eased ahead of a consumer pricing report, with market traders dismissing concerns about the possible impact of an oil spike on inflation. Bonds fell.
The S&P 500 approached all-time highs when the White House announced that President Donald Trump would meet with his Chinese counterpart Xi Jinping on October 30th. Tesla reversed its post-earnings decline to lead advances in Megacaps. Energy shares rose alongside crude as the US imposed sanctions on Russia’s largest oil businesses in an effort to halt the conflict in Ukraine.
The equities rally occurred amid hopes that the world’s two biggest economies may de-escalate their trade battle. Meanwhile, the Trump administration is considering a quantum computing boost in a move to fight China, sparking an industry rally.
The S&P 500 finished around 6,740. The Nasdaq 100 gained about 1%. Tesla gained more than 2% and Intel issued an optimistic revenue prediction late in the day. A fire at a key supplier is expected to cost Ford Motor Company up to $2 billion in profits.
West Texas Intermediate crude rose approximately 5.5%. US 10-year rates rose six basis points to 4%. Gold has paused its slump and the dollar fluctuated. Binance Coin rose after President Trump pardoned exchange co-founder Changpeng Zhao.
