Stocks Little Changed as Fed Keeps Rates Intact
May 02,2024 10:33 am EST
Stocks rose slightly Thursday as investors looked ahead to more corporate earnings and a key labour report set for later in the week.
The 30-stock index leaped 139.41 points to begin Thursday at 38,042.70
The S&P 500 forged ahead 16.06 points to 5,034.45.
The NASDAQ recovered 84.96 points to 15,690.44.
Chipmaker Qualcomm rose 9% on better-than-expected adjusted earnings and strong revenue guidance. Restaurant delivery service DoorDash dropped 13% after reporting a wider loss per share than Wall Street forecast. Used-car retailer Carvana soared 34% after reporting best-ever earnings after the bell Wednesday.
Those moves followed a choppy day on Wall Street as investors reacted to the Federal Reserve's decision to keep interest rates unchanged. In the closely-watched press conference, Fed Chair Jerome Powell essentially ruled out an interest rate hike as the central bank's next move, despite few recent signs of easing inflation.
Thursday's quarterly earnings reports are dominated by Apple and Amgen after the close, alongside Coinbase and DraftKings
Prices for the 10-year Treasury gained ground, lowering yields to 4.64% from Wednesday's 4.63%. Treasury prices and yields move in opposite directions.
Oil prices fell five cents to $78.95 U.S. a barrel.
Gold prices slid $9.70 to $2,301.30.
Currencies