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Nasdaq closes at record high as investors weigh oil and earnings
The move came after weaker-than-expected US jobs data shifted rate-hike odds, with traders pricing a 24% chance of a Fed hike for October.
The Nasdaq notched a record high close on Monday, helped by Nvidia and Microsoft, while investors focused on a dip in oil prices and prepared for the next round of quarterly earnings reports, according to Reuters.
Oil prices eased after crude exports from the Middle East increased and after the Group of Seven pledged to boost supplies. Reuters cited Art Hogan of B. Riley Wealth saying investors are looking for positive signals as the economic data calendar is light and earnings are about a week away.
The report said the pullback in jobs expectations followed weaker-than-expected US job growth in September, dampening views of an interest rate hike at the Federal Reserve's policy meeting later this month. It also noted traders were assigning a 24% chance of a hike for the October meeting, down from 70% a week earlier.
Reuters added that the S&P 500 earnings outlook calls for year-over-year growth of more than 30%, driven largely by AI-related stocks, based on LSEG data. It also said third-quarter earnings season begins next week with reports from large US banks.
Latest closeWTI crude $89.31 ▼2.0%|S&P 500 7,773.95 ▲0.7%|Nasdaq Comp. 27,477.31 ▲1.1%