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The S&P 500 Index closed up by 0.25% on Tuesday, while the Dow Jones gained 0.39%, and the Nasdaq 100 rose 0.84%. Strength in semiconductor stocks contributed to the market rally, with MongoDB surging over 22% after reporting Q3 EPS of $628.3 million, exceeding estimates. Boeing also saw a boost of more than 10% following positive cash flow projections.
The OECD maintained its global GDP forecast for 2025 at 3.2% but raised the U.S. forecast to 2.0%. On economic news, the U.S. ADP employment change is expected to rise by 10,000, with initial weekly unemployment claims projected to increase by 6,000 to 222,000 this week. Market forecasts now reflect a 98% chance of a 25 basis point rate cut at the upcoming FOMC meeting.
In earnings season, 83% of reporting S&P 500 companies surpassed forecasts, with Q3 earnings rising 14.6%, significantly above expectations of 7.2%. Overall, 475 of 500 S&P companies have reported their results as of now.
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