Wall Street Rebounds with Support from Megacap Stocks Amid Fed Focus

Wall Street gains ground fueled by megacap growth stocks. Federal Reserve comments on interest rates remain in focus. Treasury yields show a slight dip.

Nov 7, 2023 - 12:37
Nov 7, 2023 - 12:38
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Wall Street Rebounds with Support from Megacap Stocks Amid Fed Focus
Wall Street Rebounds with Support from Megacap Stocks Amid Fed Focus

In the beginning, the stock market was a bit shaky, but then it picked up speed. Big companies that have been growing a lot helped the stock market get better. People were also waiting to hear what important people from the Federal Reserve would say about interest rates.

The interest rates on U.S. government loans went down a bit on Tuesday. This is important because there will be a lot of government loans for sale soon. The interest rate on the most common loan, called the "ten-year Treasury," was 4.5892%.

Some people were worried that the Federal Reserve might keep interest rates high for a long time. This is because some important people from the Federal Reserve have said things that make people think this could happen.

A person named Neel Kashkari, who is in charge of a Federal Reserve bank in Minneapolis, said that it might take a long time for interest rates to go down. He also said that the Federal Reserve might have to do more to make sure prices don't go up too fast.

Another person who works for the Federal Reserve, Austan Goolsbee, said that prices have been going up, but it's not over yet. He thinks prices might keep going up for a little while longer.

Big companies like Microsoft, Apple, and Amazon did really well. This helped a part of the stock market called the Nasdaq do better than other parts. The Nasdaq has a lot of technology companies.

A person named Rick Meckler, who helps people with their money, said that big companies are in a good position right now. Even though high interest rates used to be a problem, now people think big companies are a safe place to put money.

Some parts of the stock market did better than others. The parts that include technology companies, things that people like to buy, and services like the internet did really well.

Companies that make energy had a harder time. Their stocks went down by 2.4%. This is because the price of oil, which is a kind of energy, went down.

Later on, important people from the Federal Reserve will say more about what they think about interest rates. The most important person, Jerome Powell, will talk on Wednesday.

Right now, the stock market is doing pretty well. It has been doing well for seven days in a row. This is good news for people who have money in the stock market.

Even though things are looking up, some people are still not sure if the good times will last. They are being careful with their money, just in case things don't go so well later on.

At around 11:46 a.m., the Dow Jones, which shows how well big companies are doing, went up by almost 100 points. The S&P 500, which shows how well 500 big companies are doing, went up by about 16 points. The Nasdaq, which has a lot of technology companies, went up by over 130 points.

Uber, a company that lets people get rides on their phones, did really well. Its stock went up by 3.5%. Another company called Datadog, which helps other companies with their computer systems, did even better. Its stock went up by 28.5%.

On the stock market, there were a little more companies that did not do so well than companies that did well. But on the Nasdaq, a little more companies did well than companies that did not do so well.

Some companies did really well, reaching their highest prices in a year. Others did not do so well and reached their lowest prices in a year. The Nasdaq had the most companies reach their highest prices.

So overall, the stock market is doing okay. Some parts are doing really well, while others are not doing as well. People are watching carefully to see what happens next.

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