REUTERS/Brendan McDermid
- US indexes continued to climb after the S&P 500 notched its best winning streak since 2021.
- The rally was fueled by investor enthusiasm about the possible end to the Fed's hiking cycle.
- Markets can expect commentary from Chairman Jerome Powell later today.
US stocks continued their upward ascent Wednesday, after the S&P 500 achieved its longest winning streak since 2021.
The broad index and the Dow Jones Industrial Average have notched seven straight gains, while the Nasdaq has advanced in eight consecutive sessions.
The rally comes amid excitement about the possible end of the Federal Reserve's hiking cycle, after the central bank kept interest rates steady at the 5.25%-5.50% range at last week's FOMC meeting.
In response, Treasury yields have fallen back from 16-year highs, though the decline has slowed significantly on Wednesday.
Despite investor enthusiasm for potential rate cuts, Fed officials were careful to communicate that hikes are not yet off the table, especially as inflation remains above the bank's 2% target.
On Wednesday, Fed Governor Lisa Cook noted that geopolitical turmoil — whether to do with Russia, the Middle East, or China — could cause inflation to rebound.
Investors can also expect commentary from Chairman Jerome Powell later today, as well as New York Fed President John Williams.
Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday:
- S&P 500: 4,387.71, up 0.21%
- Dow Jones Industrial Average: 34,211.34, up 0.17% (58.74 points)
- Nasdaq Composite: 13,669.67, up 0.22%
Here's what else happened today:
- Despite a winning streak for stocks, the Fed and an earnings recession present key risks.
- Prepare for a "downsized America" as consumers cut back, Kevin O'Leary said.
- Bonds are back, and here's why investors are returning, including Warren Buffett.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil fell 0.91% to $76.7 a barrel. Brent crude, the international benchmark, lost 0.82% to $81.2 a barrel.
- Gold inched 0.25% lower to $1,964.40 per ounce.
- The 10-year Treasury yield dipped 0.4 basis point to 4.567%.
- Bitcoin stayed essentially flat at $35,371.