The major stock indices have staged an impressive recovery, shifting into positive territory for the day. Optimistic comments from Fed Chairman Jefferson have generated hope that the Federal Reserve might maintain its current policy stance.
Consequently, the probability of an interest rate hike by year-end has dwindled to a mere 27%, a significant drop from the 45% figure reported last Friday.
Here’s a breakdown of the latest numbers:
- The Dow Industrial Average has surged by 144 points, equivalent to a 0.43% gain, reaching 33,547.68. This marks a stark contrast to its session low when it was down by -153.90 points.
- The S&P index is showing resilience as well, climbing by 19.36 points, or 0.45%, to hit 4,328.00, having rebounded from its session low of -24.70 points.
- The NASDAQ index is currently up by 32.45 points, a 0.25% increase, reaching 13,464.93, bouncing back from a low of -153.86 points earlier in the session.
Turning our attention to some of the prominent large-cap stocks:
- Microsoft has gained $2.50 or 0.76%, trading at $329.74.
- Apple is on the rise as well, up by $0.89 or 0.50%, with a share price of $178.32.
- Meta, formerly known as Facebook, has advanced by $2.82 or 0.88%, reaching $318.24.
- Alphabet, the parent company of Google, is up by $0.80 or 0.58%, trading at $138.37.
- Netflix is showing strength, with an increase of $3.13 or 0.82%, bringing its share price to $384.64.
- Nvidia, although still in negative territory, has narrowed its losses to -$3.60 or -0.79%, currently priced at $453.99, a marked improvement from its session low of -$13.94.
- Amazon is hovering near its opening price, having rebounded from a session low of -$3.19.
As we look ahead, it’s worth noting that the end of the week will mark the commencement of the earnings calendar for the third quarter, with JP Morgan and Citigroup taking the spotlight.
- JP Morgan is currently down by -$0.15 or -0.10%, trading at $144.95.
- On the other hand, Citigroup is on an upward trajectory, with an increase of $0.09 or 0.22%, reaching $40.66.
