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The Dow Jones Industrial Average closed up 88 points (+0.20%), the S&P 500 rose by 8 points (+0.14%), the Nasdaq gained 54 points (+0.27%)—reaching a new all-time closing high—and the Russell 2000 increased by 14 points (+0.67%) on October 9, 2023. Despite a rocky start, the markets ended modestly higher amid a lack of significant economic reports or Q2 earnings results, with major announcements anticipated for Tuesday.
Meta Platforms announced a major expansion of its AI data center operations, investing hundreds of billions of dollars on multiple multi-gigawatt clusters, including the “Prometheus” and “Hyperion” centers, with capabilities scaling up to 5 gigawatts over the coming years. Meanwhile, Bitcoin soared to $122.7K before closing at $119.9K, driven by speculation regarding future Federal Reserve rate cuts.
Oil prices remain lower in the mid-$60s range, down from approximately $80 per barrel a year ago. Occidental Petroleum indicated that reduced production and falling oil prices may negatively impact its Q2 earnings, set to be reported in about four weeks. Tomorrow, market focus will shift to the Consumer Price Index (CPI) data for June, which is expected to show a rise to +2.7%.
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