Stocks started off Fed week strong, with the Dow adding 50 points. The S&P 500 and tech-heavy Nasdaq sustained their recent surge, logging record closes -- the Nasdaq's sixth straight -- thanks to Tesla's (TSLA) outsized gains. The EV was a main driver of investor optimism today, after CEO Elon Musk purchased shares for the first time since 2020, worth $1 billion.
Everything on Wall Street is revolving around the impending FOMC meeting kicking off tomorrow, with a rate cut widely expected. China trade talks are also in focus, with President Donald Trump suggesting good news on the TikTok deadline and trade deal front.
Continue reading for more on today's market, including:
- Before Wednesday, brush up Fed funds rate impact.
- China investigation weighs on popular chip stock.
- Plus, another chip stock making moves; chemical giant sinks; and an SPX warning sign.
There are no earning reports of note today.
More Record Highs for Gold to Start Fed Week
Oil prices gained today, as potential disruptions to Russia supply via Ukrainian drone attacks on energy facilities prop up the commodity. October-dated West Texas Intermediate (WTI) crude added 1.2%, 54 cents to $63.44 per barrel.
Gold prices returned to their record-high ways today, pricing in a rate cut on Wednesday as the U.S. dollar cooled. U.S. gold futures rose 0.7% to $3,712.79 per ounce.