The S&P 500 rose 1.65% to close at 7,554.29, while the Nasdaq Composite jumped 3.07% to 26,683.94 on October 10, 2023, driven by a surge in tech stocks, particularly in AI and semiconductors. The Dow Jones Industrial Average gained 0.92% to reach a record close of 51,671.03.
Key drivers included Nvidia’s bond deal and buyback plans, alongside strong performances from Meta Platforms, Micron Technology, and Western Digital due to renewed enthusiasm for artificial intelligence. SpaceX surged nearly 20% following its recent IPO. Meanwhile, oil prices fell as the U.S. and Iran signed a memorandum of understanding, easing inflation concerns and removing immediate pressure for a rate hike by the Federal Reserve.
Risk sentiment improved as gold and Bitcoin also gained. Most sectors in the S&P 500 experienced positive movement, particularly industrials and technology. Analysts predict a strong finish to the year as the focus shifts back to market fundamentals.
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