S&P 500 Gains as Wall Street Eyes Federal Reserve Update Following Election Rally

November 07, 2024 08:57 AM PST | By Team Kalkine Media

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S&P 500 Gains as Wall Street Eyes Federal Reserve Update Following Election Rally — Image source: Shutterstock

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S&P 500 and Nasdaq saw modest gains following the election-driven surge, setting new highs.

Financial and tech stocks exhibited mixed movement as the market anticipates Federal Reserve guidance.

Traders await insight from the Fed’s rate decision amid a post-election market surge.

Stocks rose slightly on Thursday, with the S&P 500 and Nasdaq both achieving new highs after a significant rally sparked by the recent U.S. presidential election results. The market continues to build momentum following a surge in response to Donald Trump’s election win, and investors remain attentive to upcoming insights from the Federal Reserve’s latest rate decision.

In Thursday morning trading, the S&P 500 recorded a gain of 0.6%, and the Nasdaq advanced by 1.2%, reaching intraday record highs. The Dow Jones Industrial Average stayed relatively steady, reflecting the broader optimism in the market. The election results triggered a strong rally on Wednesday, with the Dow experiencing a dramatic upward move, reflecting market relief and optimism over clarity in the election outcome.

As Wall Street absorbs the election’s influence, market participants are focusing on the Federal Reserve’s impending interest rate announcement and Chair Jerome Powell’s press briefing. According to market indicators, there is widespread anticipation that the Fed may adjust rates, a move that could shape investor expectations for economic conditions in the coming months.

Financial stocks, which saw a surge on Wednesday, showed some fluctuation on Thursday, with companies like JPMorgan Chase and American Express experiencing slight dips. Meanwhile, big tech stocks saw upward movement; shares of both Apple and Nvidia (NASDAQ:NVDA) rose more than 1%, contributing to the day’s gains.

Investment experts urge caution amidst these shifts, noting that while political events can drive significant price changes in the short term, long-term fundamentals tend to prevail. Financial analysts believe that the Fed’s decision could offer some clarity in an otherwise turbulent economic landscape, with potential implications for inflation and currency values as the post-election economic environment unfolds.

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