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US stocks closed higher on Thursday, August 25, lifted by the gains in the technology stocks, while the investors turned their focus on the central bank's annual economic meeting in Jackson Hole.
The S&P 500 rose 1.41 per cent to 4,199.12. The Dow Jones was up 0.98 per cent to 33,291.78. The NASDAQ Composite added 1.67 per cent to 12,639.27, and the small-cap Russell 2000 rose 1.52 per cent to 1,964.64.
The market participants would keep a close track of Fed Chair Jerome Powell's speech on Friday, August 26, which may provide insights into the central bank's future move with their monetary plans.
Although the Federal Reserve did not provide any clear picture yet about the pace of the rate hike, some investors are anticipating another 75 basis point hike at their two-day meeting starting on September 21. Notably, the Federal Reserve indicated that they would stay on track to raise the interest rates to rein the decades-high inflation.
In economic news, the second estimate of US GDP showed that the economy retreated at a slower pace than previously estimated. The revised data by the Commerce Department showed that US GDP slipped 0.6 per cent annually in the last quarter, down from the preliminary estimate of a 0.9 per cent slump.
All 11 segments of the S&P 500 index stayed in the positive territory on August 25, with the information technology and consumer discretionary sectors providing the highest boost.
Shares of Snowflake (SNOW) added nearly 23 per cent in intraday trading on Thursday, a day after the cloud-based technology reported an 83 per cent surge in its second quarter fiscal 2023 revenue.
Nvidia Corporation (NVDA) gained over three per cent in the intraday session on August 25, a day after the chipmaker released its latest quarterly earnings results and provided a sharp drop for its sales guidance in the ongoing quarter.
Salesforce, Inc. (CRM) fell more than three per cent on Thursday after the cloud-based software provider trimmed its annual guidance citing the impact of stronger dollar and "measured" spending by its clients.
In the technology sector, Apple Inc. (AAPL) increased by 1.49 per cent, Microsoft Corporation (MSFT) gained 1.11 per cent, and Taiwan Semiconductor Manufacturing Company Limited (TSM) added 2.35 per cent. ASML Holding N.V. (ASML) and Broadcom Inc. (AVGO) advanced 2.72 per cent and 3.63 per cent, respectively.
In consumer discretionary stocks, Amazon.com, Inc. (AMZN) added 2.60 per cent, Alibaba Group Holding Limited (BABA) gained 7.99 per cent, and Nike, Inc. (NKE) soared 1.62 per cent. Lowe's Companies, Inc. (LOW) and JD.com, Inc. (JD) ticked up 1.30 per cent and 9.20 per cent, respectively.
In the healthcare sector, Eli Lilly and Company (LLY) surged 1.35 per cent, Novo Nordisk A/S (NVO) jumped 1.25 per cent, and AbbVie Inc. (ABBV) climbed up 1.03 per cent. Thermo Fisher Scientific Inc. (TMO) and Danaher Corporation (DHR) were up 2.15 per cent and 2.20 per cent, respectively.
Futures & Commodities
Gold futures were up 0.52 per cent to US$1,770.70 per ounce. Silver increased by 1.09 per cent to US$19.113 per ounce, while copper rose 1.46 per cent to US$3.6973.
Brent oil futures decreased by 1.58 per cent to US$99.62 per barrel and WTI crude was down 2.16 per cent to US$92.84.
Bond Market
The 30-year Treasury bond yields were down 2.29 per cent to 3.244, while the 10-year bond yields fell 2.40 per cent to 3.031.
US Dollar Futures Index decreased by 0.23 per cent to US$108.368.
