S&P 500, Nasdaq advance as oil eases ahead of Fed decision
Reuters • • business
Key Points:
- The S&P 500 and Nasdaq rose modestly on Tuesday, supported by easing oil prices and ahead of the Federal Reserve's expected decision to hold interest rates steady this week amid persistent inflation concerns.
- Boeing shares fell 1.8% after reporting a larger-than-expected third-quarter loss, while Royal Caribbean shares gained 6.5% following an upward revision of its full-year profit forecast.
- General Motors shares rose 5% after announcing plans to switch its stock listing to Nasdaq, and Tesla shares increased nearly 3%, continuing their recent rally.
- Meta's stock dropped 1.1% after it expanded its equity fundraising to $97.5 billion to support AI growth, with interest from Nvidia, AMD, and Broadcom, amid market concerns about debt-funded spending.
- Investors are closely watching upcoming earnings from major AI-focused tech firms like Alphabet, Microsoft, and Amazon for signs that AI investments are driving growth, while also monitoring the US midterm elections for potential market impact.
