The S&P 500 Index is up by +0.01% and reached a 5-week high, while the Dow Jones Industrial Average is down by -0.41% as of today. The Nasdaq 100 Index is up by +0.43%, achieving a 3.5-month high. This movement comes in the context of a weaker crude oil market, with WTI crude down nearly -1% at a 3-week low and easing inflation fears.
The September Richmond Fed manufacturing survey fell to a 7-month low of -2, significantly below expectations of 2, which impacted market sentiment. In the Treasury market, the 10-year T-note yield rose to 4.959%, as hawkish comments from Boston Fed President Susan Collins indicated the likelihood of prolonged inflation above the Fed’s 2% target.
Chipmakers and AI stocks showed positive momentum today, with the iShares Semiconductor ETF up +0.55%. Notably, Viking Therapeutics gained over +24% after reporting promising results from its weight-loss drug study. Conversely, financial stocks fell sharply, with Charles Schwab down more than -6%.
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