US stocks flat at open: S&P 500, Nasdaq hit new highs
US stocks edged higher on Thursday, with the S&P 500 and Nasdaq Composite touching new record highs as Wall Street’s upward momentum continued despite the ongoing government shutdown.
The S&P 500 rose 0.1%, while the tech-heavy Nasdaq hovered near the flatline. The Dow Jones Industrial Average added 24 points, or 0.1%.
Costco shares advanced more than 2% after the retailer reported a solid rise in September sales, with total net sales for the five weeks ended October 5 showing a notable year-over-year increase.
Delta Air Lines also jumped 6% following better-than-expected quarterly earnings.
Thursday’s modest gains followed a strong session on Wednesday, when the S&P 500 logged its eighth advance in nine days and the Nasdaq closed above the 23,000 mark for the first time.
The Dow, meanwhile, finished just below flat, held back by weakness in blue-chip names even as Nvidia stock rose more than 2%.
No major economic data was released on Thursday due to the federal government shutdown, which has delayed key reports such as employment and inflation figures.
Federal Reserve Chair Jerome Powell offered brief remarks at a community banking conference in Washington, DC, but did not comment on monetary policy.
In a prerecorded address, he emphasised the Fed’s commitment to “tailoring our supervisory practices as appropriate for community banks to reduce unnecessary burden, while still ensuring that community banks continue to operate in a safe and sound manner.”
Later in the day, several other Fed officials — including Governor Michael Barr, Minneapolis Fed President Neel Kashkari, and San Francisco Fed President Mary Daly — are scheduled to speak.
Barr and Kashkari are expected to address the economic outlook, with Kashkari maintaining a cautious stance on inflation, while Daly has indicated greater openness to rate cuts to prevent an economic slowdown.
Senate to vote on shutdown
Democrats and Republicans remained deadlocked on Wednesday over how to end the federal government shutdown, now in its ninth day, with further votes expected Thursday.
The Senate is slated to vote around midday on competing funding measures for the seventh time, after both versions again failed Wednesday to secure the 60 votes needed for passage.
Tensions on Capitol Hill intensified, with several heated exchanges between lawmakers as frustration mounted.
A looming October 15 deadline to pay military personnel has heightened pressure on Congress to reach an agreement and reopen the government.
Senate Majority Leader John Thune signalled that he may consider bringing standalone funding bills for individual government departments to the floor if the impasse continues — a move that would require Democratic cooperation.
The post US stocks flat at open: S&P 500, Nasdaq hit new highs appeared first on Invezz
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US stocks flat at open: S&P 500, Nasdaq hit new highs
US stocks edged higher on Thursday, with the S&P 500 and Nasdaq Composite touching new record highs as Wall Street’s upward momentum continued despite the ongoing government shutdown.
The S&P 500 rose 0.1%, while the tech-heavy Nasdaq hovered near the flatline. The Dow Jones Industrial Average added 24 points, or 0.1%.
Costco shares advanced more than 2% after the retailer reported a solid rise in September sales, with total net sales for the five weeks ended October 5 showing a notable year-over-year increase.
Delta Air Lines also jumped 6% following better-than-expected quarterly earnings.
Thursday’s modest gains followed a strong session on Wednesday, when the S&P 500 logged its eighth advance in nine days and the Nasdaq closed above the 23,000 mark for the first time.
The Dow, meanwhile, finished just below flat, held back by weakness in blue-chip names even as Nvidia stock rose more than 2%.
No major economic data was released on Thursday due to the federal government shutdown, which has delayed key reports such as employment and inflation figures.
Federal Reserve Chair Jerome Powell offered brief remarks at a community banking conference in Washington, DC, but did not comment on monetary policy.
In a prerecorded address, he emphasised the Fed’s commitment to “tailoring our supervisory practices as appropriate for community banks to reduce unnecessary burden, while still ensuring that community banks continue to operate in a safe and sound manner.”
Later in the day, several other Fed officials — including Governor Michael Barr, Minneapolis Fed President Neel Kashkari, and San Francisco Fed President Mary Daly — are scheduled to speak.
Barr and Kashkari are expected to address the economic outlook, with Kashkari maintaining a cautious stance on inflation, while Daly has indicated greater openness to rate cuts to prevent an economic slowdown.
Senate to vote on shutdown
Democrats and Republicans remained deadlocked on Wednesday over how to end the federal government shutdown, now in its ninth day, with further votes expected Thursday.
The Senate is slated to vote around midday on competing funding measures for the seventh time, after both versions again failed Wednesday to secure the 60 votes needed for passage.
Tensions on Capitol Hill intensified, with several heated exchanges between lawmakers as frustration mounted.
A looming October 15 deadline to pay military personnel has heightened pressure on Congress to reach an agreement and reopen the government.
Senate Majority Leader John Thune signalled that he may consider bringing standalone funding bills for individual government departments to the floor if the impasse continues — a move that would require Democratic cooperation.
The post US stocks flat at open: S&P 500, Nasdaq hit new highs appeared first on Invezz
Read More
Earnings season preview: what to expect in Q3 earnings