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The S&P 500 Index ($SPX) rose by +1.21% on October 30, 2023, driven by strong performances in technology stocks and rising expectations for a Federal Reserve interest rate cut in December. The Nasdaq 100 Index ($IUXX) increased by +2.01%, with key semiconductor and AI-infrastructure stocks leading the gains.
Recent remarks from Fed Governor Christopher Waller heightened expectations for a 72% chance of a -25 basis point rate cut at the next FOMC meeting on December 9-10. Additionally, data revealed that Q3 corporate earnings for 466 of the 500 S&P companies rose by +14.6%, significantly above the anticipated +7.2% year-over-year growth.
In corporate news, Broadcom (AVGO) and Western Digital (WDC) both surged over +8%, while Tesla (TSLA) gained more than +6%. Conversely, defensive food producers like Campbell’s Company (CPB) and General Mills (GIS) faced declines of more than -2% amid the broader market rally.
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